ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

Senate: ELEC DP 5-3-0-0 | 3rd Read: 16-13-1-0

House: MOE DPA/SE 6-3-1-0

SB 1144: electronic ballot adjudication; prohibition

S/E: central bank digital currency; prohibition

Sponsor: Senator Hoffman, LD 15

Caucus & COW

 

Summary of the Strike-Everything Amendment to SB 1144

Overview

Prohibits the use of federally adopted central bank digital currency (CBDC) involving any contract, security or similar interest in this state, including commercial contracts.

History

CBDC is a digital form of central bank money that is widely available to the general public. Central bank money refers to money that is a liability of the central bank. In the United States, there are currently two types of central bank money: 1) physical currency issued by the Federal Reserve; and 2) digital balances held by commercial banks at the Federal Reserve (Federal Reserve).

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteStates federally adopted CBDC may not be the subject or medium of payment of any contract, security or other similar instrument in this state, including contracts relating to commercial transactions. (Sec. 1)

2.   Specifies that disbursements made by escrow agents may not be settled or backed by federally adopted CBDC. (Sec. 3)

3.   Alters the definition of money to specify that the term does not include federally adopted CBDC. (Sec. 10)

4.   Defines legal tender and specie. (Sec. 1)

5.   Makes technical and conforming changes. (Sec. 2, 3, 4, 5, 6, 7, 8, 9, 10)

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9.                     SB 1144

10.  Initials JH  Page 0 Caucus & COW

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