The Arizona state legislature has just passed the bitcoin reserve bills SB1025 and SB1373. They are now approaching the final hurdle: approval by the governor for them to take effect.
Both bills were passed with a comfortable margin and now only require the governor's signature to become law. Governor Katie Hobbs recently concluded her promise to veto all bills due to the funding dispute, which we hope will secure the future of the Reserve.
Arizona is leading the race for bitcoin reserves
The Arizona state legislature is still in session, but its bitcoin reserve bill was relatively early on the agenda. Recently, SB1025 attracted attention by advancing further than any other state-level proposal.
Several state-level bitcoin reserve bills have recently gained popularity, but Arizona is almost guaranteed to be the first state where this becomes law.
"Arizona passes its second bitcoin reserve bill. SB 1373 passed 37-19! Both reserve bills are on Governor Hobbs' desk for signing," said a cryptocurrency policy observer.
According to the text of SB1025, it will allow Arizona to spend up to 10% of its public funds on bitcoin or other unspecified digital assets. This funding requirement mirrors a bill in South Carolina, which also proposed a maximum of 10%.
Fiscal conservatives in several states have opposed a stronger commitment to bitcoin purchases, which has become a significant hurdle.
At the beginning of February, live proposals could have led to $23 billion in bitcoin purchases if passed, which sparked great excitement in the community. Unfortunately, strong opposition from fiscal conservatives dampened those hopes. Today, most active proposals include spending limits or avoid specific amounts altogether, but several bills will still lead to significant purchases.
Now that SB1025 has passed its third reading, Governor Hobbs is the only obstacle between Arizona and the bitcoin reserve.
Recently, she vetoed all proposed bills in an effort to secure funding for the Arizona Department of Developmental Disabilities. Less than a week ago, she resolved this dispute, which we hope will allow her to sign these bills.
Arizona's spending limits may dampen the hopes of some bitcoin enthusiasts, but it is still a win. Amid microeconomic challenges, this is a victory for the industry if state-level purchases of any size are approved. Globally, government bitcoin reserves are dwindling, and several countries have completely liquidated their assets.
Meanwhile, Trump's Strategic Crypto Reserve intends to maintain its existing stock but is not buying bitcoin. Nevertheless, this is a bullish development that has helped boost enthusiasm in the market.
If Arizona passes the bill, it will likely increase demand for bitcoin and create more bullish optimism. New Hampshire and Texas are also following Arizona's lead, as both states expect a Senate vote on their bills.#Binance #BinanceSquare #Write2Earn #CryptoNewss #BinanceNews $BTC
