Arizona Governor Katie Hobbs has blocked a bill that would have removed taxes on Bitcoin mining, according to the latest reports. The bill was proposed by Arizona Senate Republicans and aimed to reduce costs for businesses involved in cryptocurrency mining.
The decision to block the bill came after much debate and consideration of its implications. Supporters of the bill argued that it would provide tax relief for businesses involved in cryptocurrency mining, allowing them to invest more in their operations and create jobs. However, opponents of the bill argued that it could lead to a loss of revenue for the state government and could potentially be used as a loophole for tax evasion.
Governor Hobbs ultimately decided to veto the bill, citing concerns about its potential effects on both businesses and taxpayers. In her statement, she said: “I cannot support this legislation because it does not ensure that any relief provided will be passed along to renters or other taxpayers." She further noted that while she supports innovation and economic development, she believes that any tax relief should benefit all Arizonans, not just those involved in cryptocurrency mining.
The decision made by Governor Hobbs is significant as it shows her commitment to protecting taxpayers from potential losses due to unfair taxation policies. It also serves as an example of how the democrats will take proactive steps towards regulating cryptocurrencies while still promoting the far-reaching 'FEDNOW' digital currency.