"Arizona is the new leader in the race for state Bitcoin reserves"
The Strategic Digital Assets Reserve Bill from Arizona is one vote away from reaching the desk of Governor Katie Hobbs, although she has recently been vetoing bipartisan bills.
One of Arizona's cryptocurrency reserve bills has been approved by the House and is now one successful vote away from heading to the governor's desk for official approval.
The Strategic Digital Assets Reserve Bill (SB 1373) from Arizona was approved on April 17 by the Full House Committee, which involves 60 House members discussing the bill before a third and final reading and a final vote in the chamber.
SB 1373 seeks to establish a Strategic Digital Assets Reserve Fund composed of crypto assets seized through criminal proceedings, which will be managed by the state treasurer.
The Arizona treasurer would be authorized to invest up to 10% of the total funds in any fiscal year in crypto assets. The treasurer could also loan the fund's assets to increase returns, as long as it does not increase financial risks.
However, the SB 1373 approved by the Senate could face backlash from Arizona Governor Katie Hobbs, who recently pledged to veto all bills until the legislature approves a bill to fund disabilities.
Arizona is the new leader in the race for state Bitcoin reserves
SB 1373 has been progressing through the Arizona legislature alongside the Strategic Bitcoin Reserve Act (SB 1025) from Arizona, which only includes Bitcoin BTC 83,345 €
The proposal aims to allow the Arizona treasury and the state retirement system to invest up to 10% of available funds in Bitcoin.
Utah passed Bitcoin legislation on March 7 but removed the key provision establishing the Bitcoin reserve in the final reading.
