#ArizonaBTCReserve

The SB 1373 seeks to establish a Strategic Reserve Fund of Digital Assets composed of cryptocurrencies seized through criminal proceedings, which will be managed by the state treasurer.

The treasurer of Arizona would be authorized to invest up to 10% of the total funds in any fiscal year in cryptocurrencies. The treasurer could also lend the fund's assets to increase returns, provided it does not increase financial risks.

However, the SB 1373 approved by the Senate could face backlash from Arizona Governor Katie Hobbs, who recently promised to veto all bills until the legislature passes a bill to fund disabilities.

Hobbs also has a history of vetoing bills before the House and has vetoed 15 bills sent to her desk just this week.

Arizona is the new leader in the race for state Bitcoin reserves

The SB 1373 has been advancing through the Arizona legislature along with Arizona's Strategic Bitcoin Reserve Act (SB 1025), which only includes Bitcoin

BTC

82,901 €

.

The bill proposes to allow the Arizona treasury and the state retirement system to invest up to 10% of available funds in Bitcoin.

The SB 1025 also passed through the Arizona House Committee on April 1 and is awaiting a vote in the full chamber.