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AZ SB1095
Bill
Status
5/12/2025
Primary Sponsor
Jake Hoffman
Click for details
AI Summary
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Adds Chapter 9 to Title 1 of Arizona Revised Statutes defining "legal tender" to exclude federally recognized central bank digital currency (CBDC).
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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.
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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.
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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.
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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