Arizona’s House has passed two bills allowing the state to create a Bitcoin reserve. SB1025 and SB1373 aim to enable cryptocurrency investments by the state treasurer. The bills face potential executive veto from Governor Katie Hobbs due to concerns over funding for healthcare. Further developments are expected.
In a decisive move, Arizona lawmakers have advanced two significant bills that could permit the state to adopt Bitcoin or other cryptocurrencies as a reserve asset. During a third reading on April 28, the Arizona House voted on Senate Bill 1025 (SB1025), which aims to amend existing statutes to facilitate a strategic Bitcoin reserve. The vote saw 31 legislators in favour, while 25 opposed the bill.
Another related proposal, SB1373, which seeks to create a state-level digital assets reserve, also gained traction, passing with a margin of 37 in favour to 19 against. State Representative Jeff Weninger, speaking about SB1025, pointed out that many states across the US are exploring similar legislation. He emphasised that this bill allows the state treasurer to invest potentially up to 10% in Bitcoin, hinting this might not only benefit Bitcoin but the wider ecosystem of cryptocurrencies too.
These legislative advancements position Arizona closer than any other state in the US towards implementing a Bitcoin reserve into law. In a similar vein, New Hampshire has seen related legislation pass its House in April, with anticipation building for a Senate vote soon.
However, the fate of these bills might hang in balance, as Arizona Governor Katie Hobbs previously expressed intentions to veto any legislation without a bipartisan funding framework that ensures healthcare for Arizonans with disabilities. With the recent legislative movements, it remains to be seen if she might amend her stance on SB1025 and SB1373.
This story is fluid, and further updates will be provided as new information emerges.
