Timothy Ursich, a California Senate candidate, promises to make the popular meme coin Dogecoin legal tender in the state, even though the odds are stacked against him.
Ursich Jr. Intends To Introduce Dogecoin As Legal Tender In California
Just a couple of years ago, it would have seemed absurd if a country like El Salvador embraced crypto. The technology is still broadly experimental, even if the sector itself is a massive wealth generator and profitable source of tax revenues.
Several countries and even some U.S. states have signaled intentions to follow El Salvador’s footsteps and give cryptocurrencies equal footing among fiat currencies.
Timothy Ursich Jr., a Democrat running for the U.S. Senate in California against incumbent Sen. Alex Padilla, is in favor of integrating Dogecoin into the economy of the state. The chiropractor and sports medicine specialist took to Twitter Thursday to ask Dogecoin’s parents Billy Markus and Elon Musk to support his campaign.
Ursich Jr. claims that he will draft a bill proposing the adoption of the leading meme coin as legal tender if elected on June 7th. He will also advocate for mass adoption through the “universal utility” of DOGE.
Unlike other meme coins like Shiba Inu, Doge Killer, and Safe Moon, Dogecoin debatably has value in the form of centibillionaire Elon Musk. The Tesla/SpaceX chief said he’s presently working with Dogecoin developers to “improve system transaction efficiency” and make it a usable currency for everyday transactions.
DOGE has also gained traction as Tesla, and other notable companies like Mark Cuban’s Dallas Mavericks began accepting the cryptocurrency as payment.
Nonetheless, it’s virtually impossible for Dogecoin to gain legal tender status in California given that Ursich Jr. is unlikely to be voted in. Even if he was, the United States Constitution prevents individual states from creating their own legal tender.
Nonetheless, the California state government has taken a more pro-crypto stance in recent months. In early May, Governor Gavin Newsom issued an Executive Order aiming to establish a crypto regulatory framework compatible with that previously laid out by President Joe Biden.