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Arizona took a step closer to keeping Bitcoin in its treasury on Monday after the House of Representatives passed two separate bills that would allow the state to adopt a BTC reserve.
In a third reading on April 28, the Arizona Senate Bill 1025 Bitcoin) passed with a vote of 31-25. Another bill, SB1373, passed with a vote of 37-19. This bill aims to establish a state-level reserve consisting of various digital assets.
This bill basically adopts the approach that probably 15 other states are considering... that allows the treasurer to invest up to 10% in, probably mainly Bitcoin but other things as well," said Republican Representative Jeff Weninger.
I think this would probably start as a 'maybe' in the foreseeable future," he added, indicating that it is very likely that a BTC reserve will become a reality as the demand for Bitcoin holdings grows.
However, the bill still needs to be signed by Governor Katie Hobbs. Once it passes her desk, Arizona would become the first U.S. state to write a Bitcoin reserve into law, advancing a handful of states that have debated similar ideas recently.
