The Arizona House of Representatives is discussing, on this Monday (28), two bills with potential impact on the cryptocurrency market: SB1373 and SB1025.
Thus, these proposals seek to integrate Bitcoin ($BTC ) into the state's public financial management, paving the way for state investments in digital assets.
Pending bills
SB1025, known as the "Arizona Strategic Bitcoin Reserve Act", allows public funds managed by the state treasurer to invest up to 10% of their resources in virtual currencies, focusing on Bitcoin.
Additionally, the project includes a provision for secure storage in a possible Strategic Bitcoin Reserve, should it be created by the U.S. Treasury.
Seized digital assets
Meanwhile, SB1373 proposes the creation of the "Digital Assets Strategic Reserve Fund", which will manage seized digital assets, such as Bitcoin, stablecoins, and NFTs.
In this regard, the fund may invest up to 10% of its resources annually, lending these assets to generate financial returns without significantly increasing risks.
Both projects advanced through the House committees, with SB1373 being approved in committee on April 17. However, they face the risk of a veto from Governor Katie Hobbs, known for rejecting similar proposals from Republican lawmakers.
Impacts on Bitcoin and the crypto market
The approval of these projects could solidify Arizona as a leader in cryptocurrency regulation, reinforcing the legitimacy of Bitcoin as an institutional investment. This may attract new investors, increasing the asset's value.
On the other hand, the recent 13% decline in Bitcoin's price in the last month and the possibility of a veto by the governor add uncertainties to the market.
Broader context
Arizona has already been advancing initiatives related to cryptocurrencies, such as protection for Bitcoin mining. In addition to Bitcoin, Ethereum ($ETH ) and ADA ($ADA ) are other cryptocurrencies that may be indirectly impacted by regulatory changes, depending on the outcomes of this vote.
Today's decision is a crucial moment for the future of Bitcoin in Arizona and may influence the integration of cryptocurrencies into public finances. However, the uncertainty generated by a possible government veto demands caution from investors and legislators.
Sources: Cointelegraph, Investing, Reuters, Mercado Bitcoin
Note
Invest with caution, using only capital that can be risked. Consult regulated exchanges, such as Mercado Bitcoin, for secure trading.
The information provided in this article is of a general nature and should not be interpreted as financial, legal, or professional advice.
Invest and make decisions with caution, and consult qualified experts before acting. The cryptocurrency market is highly volatile and involves significant risks.