Former state lawmakers draft bill to make Bitcoin legal tender in California

Former state legislators of California are in the process of drafting a bill that would make Bitcoin a legal tender of the state.

Ian C. Calderon, a former Majority Leader of the California State Assembly, announced via a tweet Sunday that he has collaborated with Bitcoin expert Dennis Porter in the process of drafting the bipartisan Bitcoin bill. Not many details were revealed about the proposal.

There’s never been a more important time to contact your local elected officials. Please use the tool below to let them know you support #Bitcoin legal tender in the USA.

RT to spread the word. https://t.co/v7THLNO6GR

— Dennis Porter (@Dennis_Porter_) February 20, 2022

Meanwhile, Porter tweeted a petition-hosted voter voice that explained the need for Bitcoin adoption and asked users to sign up. Calling for the need for an inflation hedge, the voter voice page read:

“Many of us have chosen Bitcoin as our medium of exchange, but the federal government does not recognize Bitcoin as legal tender. This stops the average American from using Bitcoin effectively as a daily medium of exchange without experiencing capital gains taxes.”

A similar bill was introduced in Arizona this January after Republican senator Wendy Rogers looked to make Bitcoin a legal tender. Don Huffines, nominated for the governor of Texas, also said he would make Bitcoin a legal tender in the state if he is elected.

However, the US constitution does not allow states to have their own legal tender. Therefore, it is yet to be determined how the aforementioned bills play out.

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