Arizona House Approves Bitcoin Reserve Bill for Legislative Review

The Arizona House of Representatives has made significant progress in advancing two Bitcoin reserve bills, Senate Bill 1373 (SB1373) and Senate Bill 1025 (SB1025), through the legislative process.

This bill, sponsored by Republican Senator Mark Finchem, aims to establish a Digital Assets Strategic Reserve Fund. The fund would be managed by the state's Treasury and would include assets derived from state allocations and seized cryptocurrencies.

It limits investments to no more than 10% of the fund's value annually.

Known as the Arizona Strategic Bitcoin Reserve Act, this bill is sponsored by Republican Senator Wendy Rogers.

It would allow public funds, such as those managed by the state treasurer or retirement system, to invest up to 10% of their assets in Bitcoin and other digital assets. The bill also provides for storing these assets in a secure, segregated account within a federal strategic Bitcoin reserve if established.

Both bills have been approved by the Arizona House Commerce Committee and have moved through the House Rules Committee, positioning them for a full vote in the House of Representatives.

The bills have progressed rapidly through the legislative process, reflecting strong support for integrating cryptocurrency into Arizona's financial framework.

If passed, these bills could make Arizona a leader in state-led cryptocurrency reserves in the U.S., potentially setting a precedent for other states.

However, Governor Katie Hobbs, a Democrat, may pose a significant hurdle as she has a history of vetoing Republican legislation.

The approval of these bills has had mixed effects on Bitcoin's price, with a slight increase immediately following the news but overall volatility in the cryptocurrency market.

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