#ArizonaBTCReserve

Arizona moves towards Bitcoin reserve despite governor's veto

Despite the threat of a veto by Governor Katie Hobbs due to unrelated budget disputes, Arizona has taken a significant step towards creating a state reserve of digital assets that includes Bitcoin. The House of Representatives approved two bills that would allow the state to invest up to 10% of its public funds in digital assets and establish a Strategic Digital Asset Reserve Fund.

While the governor has not indicated her final stance on these initiatives, the legislative approval marks a notable advance. If enacted, Arizona would become the first U.S. state to formally hold Bitcoin in its treasury, potentially setting a precedent for other jurisdictions. The legislation would also allow the use of seized crypto assets to fund the reserve.