Arizona Legislature Moves Closer to Embracing Bitcoin: Bills for Crypto Reserves Pass Through State Senate

Legislators in the Arizona House of Representatives have approved two bills that might enable the state to establish reserves utilizing Bitcoin. BTC ) or other cryptocurrencies.

During a third review on April 28 of Senate Bill 1025 (SB1025), which seeks to modify Arizona’s laws to establish permission for a strategic BTC reserve, 31 members from the Arizona House participated. voted In support of the bill were 25 opponents. Another comparable piece of legislation, SB1373, aimed at setting up a state-level digital assets reserve, was approved with 37 legislators in favor and 19 voting against it.

This bill essentially adopts an approach similar to what approximately 15 other states across the nation are contemplating with legislation that permits the treasurer to allocate up to 10 percent of funds into investments, predominantly in Bitcoin but also including other assets," stated State Representative Jeff Weninger regarding SB1025. "In my view, this might initially be permissive for now, however, as trends increasingly shift toward Bitcoin and related areas, having such provisions established beforehand will prove beneficial.

The approvals bring the bills closer than any other state-level initiative in the US to getting a cryptocurrency or Bitcoin strategic reserve signed into law. Similar legislation proposed in New Hampshire passed the state’s House In April, it is anticipated to move to the Senate for a comprehensive floor vote shortly.

Related: The negative reaction to Bitcoin's reserves indicates overly optimistic expectations within the industry.

Arizona Governor Katie Hobbs announced On April 17, she stated her intention to veto any bill unless lawmakers came up with "a serious, bipartisan funding solution" that safeguards healthcare for people with disabilities in Arizona. However, following the enactment of this kind of legislation on April 24, the governor might become more receptive to approving SB1025 or SB1373 into law.

Government proposals to create a nationwide cryptocurrency reserve system

State-level initiatives aimed at establishing Bitcoin reserves coincide with calls from U.S. President Donald Trump and Republican legislators for similar measures at the federal level.

Trump signed an executive order In March, they proposed a "Strategic Bitcoin Reserve" along with a "Digital Asset Stockpile."

Wyoming Senator Cynthia Lummis, who supports cryptocurrency, suggested that Congress enact laws enabling the U.S. government to store over 1 million BTC , partly through cryptocurrencies obtained via civil or criminal asset seizure. Some politicians believe that Lummis’s bill aimed to enact Congress legislation based on former President Trump's executive order.

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