Arizona lawmakers have approved 2 bills related to the creation of bitcoin & digital asset reserves in a further boost to crypto adoption. In its 3rd reading of Senate Bill (SB) 1025 & SB 1373 lawmakers have shown their willingness to make Arizona among the first few states to have its own crypto holding.
The bills now await Governor Katie Hobbs’ approval. While 31 members of the Arizona House voted in favor of SB1025 bill, 25 opposed it. Similarly, SB 1373 was passed with 37 lawmakers in favor and 19 voting against it. The bills speak of how the state manages its public monies and also mandates that it “may store” its public fund’s virtual currency holdings in a “secure, segregated account within the Strategic Bitcoin Reserve.”
The bills, if passed, will also amend a current law and allow the state treasurer and retirement systems to invest up to 10% of public funds in virtual currencies like Bitcoin. This will also be a significant step as it would tout Arizona as the first state to fully integrate crypto into its finances. Other states like Texas and New Hampshire have also floated legislation towards a blockchain policy.
This push comes after US President Donald Trump signed an executive order in March proposing an “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.”