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AZ SB1095

Bill

Status

Vetoed

5/12/2025

Primary Sponsor

Jake Hoffman

Click for details

Origin

Senate

Fifty-seventh Legislature - First Regular Session (2025)

AI Summary

  • Adds Chapter 9 to Title 1 of Arizona Revised Statutes defining "legal tender" to exclude federally recognized central bank digital currency (CBDC).

  • Prohibits CBDC from being used as legal tender or as the subject or medium of payment for any contract, security, or similar instrument in Arizona, with the prohibition applying to all commercial transactions.

  • Amends escrow disbursement rules (§6-843) to prohibit settlements or backing of transfers using CBDC, while allowing distributed ledger technology transfers backed by U.S. dollars.

  • Updates references to "legal tender" throughout Arizona tax code (§§43-1021, 43-1022, 43-1121, 43-1122) to incorporate the new definition that excludes CBDC.

  • Modifies the Uniform Commercial Code definition of "money" (§47-1201) to exclude federally recognized central bank digital currency.

Legislative Description

Central bank digital currency; ban

Prohibition

Last Action

Governor Vetoed

5/12/2025

Committee Referrals

Rules3/6/2025
Commerce3/3/2025
Rules1/15/2025
Finance1/15/2025

Full Bill Text

No bill text available