Arizona's Senate has approved two bills aiming to establish a reserve fund containing digital assets, including Bitcoin.
Bill Advancement
The Digital Assets Reserve Bill (SB 1373) was passed on its third reading by the Arizona Senate with a vote of 17 for and 12 against. It now moves to the state's House for consideration.
Bill Details
Sponsored by Republican Senator Mark Finchem, the bill would create a 'Digital Assets Strategic Reserve Fund,' managed by the state treasurer. The treasurer may invest no more than 10% of the total fund deposits each fiscal year and may use digital assets for returns without increasing financial risks to the state.
Support and Opposition
Satoshi Action Fund founder, Dennis Porter, commented, '[Whether] you like it or not, legislation will happen at the federal level in this order: Stablecoins, Market Structure, and Strategic Bitcoin Reserve.'
Arizona and Utah are in the final stages of approving crypto reserve bills, while similar proposals have been rejected in several other states.
