Arizona’s Strategic Crypto Reserve Bills Advance to Full House Vote

Two significant cryptocurrency-related bills have successfully passed Arizona’s House Rules Committee on March 24, moving forward to a full floor vote in the state’s House of Representatives.

Overview of Arizona’s Crypto Bills

The two bills under consideration are:

• Strategic Digital Assets Reserve Bill (SB 1373): This bill proposes creating a strategic reserve of digital assets seized through criminal proceedings. The reserve would be managed by Arizona’s state treasurer, who could invest up to 10% of the fund’s total value annually and loan assets to generate returns, provided financial risks remain controlled.
• Arizona Strategic Bitcoin Reserve Act (SB 1025): Specifically targeting Bitcoin (BTC), this bill would allow Arizona’s Treasury and state retirement system to invest up to 10% of available funds into Bitcoin. It also proposes storing the state’s Bitcoin holdings securely in a segregated account within a potential federal Bitcoin reserve.

Political Landscape and Challenges

Republicans currently hold a 33-27 majority in Arizona’s House, giving the bills a reasonable chance of passing. However, the final hurdle could be Democratic Governor Katie Hobbs, who has a history of vetoing legislation. In 2024 alone, Hobbs vetoed 22% of bills presented to her, the highest veto rate among U.S. governors.

Other States Following Suit

Arizona is not alone in pursuing strategic crypto reserves:

• Texas: The Texas Senate recently passed its Strategic Bitcoin Reserve Bill (SB-21) by a 25-5 vote. The bill awaits House approval and the governor’s signature. A subsequent bill proposes capping the reserve at $250 million.
• Oklahoma: Oklahoma’s House passed its Bitcoin Reserve Bill (HB1203) by a 77-15 vote on March 25, now moving to the state Senate.
• Utah: Utah recently passed Bitcoin-related legislation, but references to establishing a strategic reserve were removed at the last minute.

Quick Summary

• Arizona’s crypto reserve bills cleared the House Rules Committee, heading for a full vote.
• Bills propose strategic reserves using seized digital assets and public funds invested in Bitcoin.
• Governor Katie Hobbs’ veto history poses a potential challenge.
• Other states, including Texas and Oklahoma, are also advancing similar legislation.

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