The Future of Currency In Arizona & the U.S.

Legislation to add cryptocurrency as a legal tender specie is on the near horizon...

Prescott, AZ, January 1, 2025… On May 22, 2017, Arizona Gov. Doug Ducey signed into law House Bill 2014 —Prime Sponsor Rep. Mark Finchem (R, LD-11)— effectively eliminating state capital gains taxes on gold and silver and allowing Arizona residents to use precious metals as currency instead of Federal Reserve notes, or dollars.

When I introduced the legislation to add gold and silver bullion to the list of “legal tender species,” which basically means currency, the acquisition of gold and silver was considered a purchase, not an exchange. Today, the law recognizes exchanges DO NOT trigger a taxable event when acquiring or trading gold and silver for other forms of currency like the Federal Reserve Note.¹ When it was signed into law, Arizona became the second state in the Union to protect individual rights of trade and exchange —their wealth— in such a way. While the IRS still calls the acquisition and disposal of gold and silver bullion a “sale,” Arizona law considers it an exchange of one currency (a species) for another. Think of it this way: you are exchanging USD for Pesos, Rupees, Rubles, Francs, or Canadian Dollars.

The objective was to protect one’s accumulated wealth while, at the same time, protecting the ability to spend it at the owner’s discretion.

Since 1913 and the secreted crimes that took place at the Jeckel Island money changers conference, where the American monetary system was handed over to a central bank cartel and the American people were subjugated to an inflationary system, we have seen inflation as a tool of wealth theft. But President Donald Trump is threatening to change that with his cryptocurrency policy. Bitcoin is perhaps the most well-known among the various “coins,” but digital money is the point. XRP and DigitalGold are emerging currencies that you may not have heard about yet, but they are on the near horizon and rising in value fast. Once can exchange USD for them and spend the “coins” for products and services, as well as buy and sell direct peer-to-peer.

YES, score on for the people!

Pay close attention; this is about your wealth going forward…

The Arizona law that lists gold and silver bullion as “legal tender species” is a fundamental shift in monetary policy toward the people's interests and away from the money changers. But what about the emerging emphasis on cryptocurrency? Let’s take a moment and revisit what “money,” aka currency, is in the real world.

Money was an innovation to facilitate commerce, the intermediary exchange of goods and services. The earliest known use of money was around 3,000 BC in ancient Mesopotamia, where people used clay tablets to represent debts with agricultural symbols. This was the first time people used a symbolic representation of value instead of a physical exchange, like in a barter market system. The butcher may not need candles, but the candlemaker needs cloth, and the cloth weaver needs candles. The butcher needs cloth to bind the ham. And the candlemaker and the weaver both like ham. I’m sure you get the point.

In Arizona, legal tender species is defined as a coin that is issued by the United States government or bullion with a gold or silver content [emphasis added]. It is a form of legal tender that can be used to pay taxes, debts, and public charges.

HB2014 Amended SECTIONS 43-1021, 43-1022, 43-1121, AND 43-1122, ARIZONA REVISED STATUTES; RELATING TO INCOME TAXATION. A.R.S. § 43-1021 is perhaps the most important amendment…

“Including specie, that is authorized by the United States Constitution or Congress,” that does not mean limited to. What’s on the near horizon?