Two bills aimed at creating digital asset reserves in Arizona have passed the rules committee and are now up for a full vote.
Digital Assets in Arizona
The proposed bills SB 1373 and SB 1025 are set to establish a digital asset reserve for Arizona. SB 1373 aims to form a fund comprising digital assets seized in criminal investigations. SB 1025 permits investing up to 10% of funds into Bitcoin. Both bills seek to enhance the state's financial stability.
Bitcoin Reserve Strategy
SB 1025 proposes that Arizona's treasury and retirement system may invest up to 10% of available funds into Bitcoin. It also includes securing BTC investments in a separate account within a potential federal Bitcoin reserve. However, the initiative requires approval from Arizona's governor, known for her frequent vetoes.
U.S. Precedents
Other states consider similar initiatives. Texas has passed a strategic Bitcoin reserve bill, while Utah opted out of creating a reserve. Oklahoma has approved a Bitcoin reserve bill that passed the lower chamber.
While Arizona’s digital asset bills have progressed, it remains uncertain whether they will gain final approval given the governor’s veto power.
