Arizona Pushes Forward with Bitcoin Reserve Bill Amidst Growing Crypto Interest
Arizona’s Strategic Bitcoin Reserve Bill – On February 27, the Arizona Senate passed a significant bill related to Bitcoin and digital assets. The Strategic Digital Asset Reserve bill (SB 1373) was approved with a vote of 17 in favor and 12 against. This bill now moves to the Arizona House for further consideration, marking a crucial step in the state’s involvement with crypto investments.
What Does the Bill Propose?
SB 1373 proposes the creation of a Digital Asset Strategic Reserve Fund, which will be managed by the state treasurer. The fund will be composed of funds appropriated by the legislature and crypto assets seized by the state. The treasurer will be allowed to invest no more than 10% of the total fund deposits in any fiscal year. Additionally, the state can lend digital assets from the fund to generate returns, as long as this does not increase financial risks to the state.
Second Bitcoin Reserve Bill in Arizona
In addition to SB 1373, another Bitcoin Reserve Bill is advancing in the Arizona Senate. The Strategic Bitcoin Reserve Act (SB 1025), co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, also passed its third reading on February 27 with 17 votes in favor and 11 against. This bill focuses on granting public funds the authority to invest in crypto assets.
Arizona’s Growing Role in Crypto Investment
These developments indicate that Arizona is rapidly becoming a significant player in the world of crypto investments. With these legislative moves, Arizona has positioned itself as one of the leading states in the U.S. to pass crypto investment laws, second only to Utah.
Crypto Investment Bills Across the U.S.
Currently, 18 states have pending crypto reserve bills, with Arizona and Utah at the forefront. However, several states, including Montana, Wyoming, North Dakota, South Dakota, and Pennsylvania, have rejected similar proposals.
Bitcoin Price Volatility
Bitcoin has seen a 17% drop in value over the past week, partly due to Donald Trump’s proposed tariff policies and economic uncertainties. This volatility highlights the risks and challenges in the crypto market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment