Arizona Bitcoin Bills Advance to Governor’s Desk
Arizona’s House of Representatives passed two bills (SB1025 and SB1373) establishing a strategic Bitcoin reserve.
The state legislature advances two important bills through the approval process while waiting for the governor to make a final decision. Arizona stands to become the first state in history to enforce public fund investment in Bitcoin. Two important state legislature bills have established a strategic cryptocurrency reserve, which demonstrates expanding acceptance of digital assets in public financial management systems.
The Arizona House of Representatives voted in favor of Senate Bill 1025 (SB1025) to modify state statutes that establish a strategic Bitcoin reserve. This bill received 31 votes for approval while 25 representatives voted against it. The lawmakers simultaneously passed SB1373 to create a state digital assets reserve while receiving 37-19 votes in favor.
Arizona state treasurer and retirement system could invest a maximum 10% of their available funds into digital assets, starting with Bitcoin. The initiative received support from Republican Senator Wendy Rogers alongside Republican Representative Jeff Weninger. Weninger believes the ‘may’ clause will serve as a starting point for the foreseeable future until Bitcoin adoption continues to grow. This will lead to the implementation of the provision in the future.
The proposed legislation waits for Governor Katie Hobbs to sign it into law. Recent developments show Democratic Governor Katie Hobbs might sign the cryptocurrency legislation despite her previous veto plans while demanding healthcare funding solutions.
Arizona joins a growing number of states, including Iowa, Missouri, Texas, and New Hampshire that are pursuing this legislation. President Donald Trump has implemented a federal executive order to create both a Strategic Bitcoin Reserve and a Digital Asset Stockpile. Senator Cynthia Lummis has presented a bill to Congress that would allow the federal government to acquire more than 1 million Bitcoins.
BlackRock and Fidelity, along with other major financial institutions, now suggest that Bitcoin should represent between 1% and 5% of investment portfolios because they view cryptocurrency as an established asset class.
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