A key crypto reserve bill in the U.S. state of Arizona successfully passed the House committee and is one vote away from being sent to the Governor’s desk for official approval.
The state’s Strategic Assets Reserve Bill—SB 1373—received approval on the 17th of April by the House Committee of the Whole. The bill will now be passed along for a third and final reading.
Arizona is in the lead in creating a strategic reserve fund, according to Bitcoin Laws. Another bill, called SB 1025, which allows the state treasurer to invest 10% of available money into virtual currency, is also being considered by the state legislature.
Source: Bitcoin Laws
The aim of SB 1373 is to create a Digital Assets Strategic Reserve Fund, which would mainly consist of cryptocurrency seized in criminal and civil proceedings, reported crypto news outlet Cointelegraph. The assets will be managed by the state treasurer.
Governor Katie Hobbs has to give final approval for the reserve bill. Incidentally, Hobbs has vetoed 15 bills so far this week.
On a broader level, states are ramping up their support for crypto-friendly bills. Some bills are failing to gain legislative approval. On the 14th of April, the Senate Revenue and Taxation Committee struck down House Bill 1203, also referred to as the Strategic Bitcoin Reserve Act. This cut Oklahoma’s attempt to become one of the first states to pass a reserve bill.
Earlier this year, U.S. President Donald Trump signed an executive order establishing a strategic bitcoin reserve, according to news outlet CNBC. Similar to Arizona’s proposed bill, the cryptocurrency used to form the reserve will be confiscated assets from criminal and civil proceedings.
