Arizona is moving forward with plans to create state-managed reserves backed by crypto assets through updated legislation.
Bitcoin and Digital Asset Treasury Plans
Recently, two strategic reserve bills cleared the Arizona House Rules Committee and are now headed for a full House vote. These bills aim to create state-managed reserves backed by confiscated crypto assets and public funds.
Details of SB 1373 and SB 1025 Bills
SB 1373 proposes the creation of a state-managed digital asset reserve composed of crypto holdings confiscated through criminal proceedings. Arizona's treasurer would oversee the fund, with a 10% annual cap on new investments from the total value of the fund. SB 1025 specifically targets Bitcoin investment, allowing Arizona's Treasury and state retirement system to allocate up to 10% of available funds into Bitcoin.
Trends in Other U.S. States
Arizona is not the only state seeking to establish Bitcoin reserves. Recent steps in this direction have been taken by Texas and Oklahoma. However, Utah's recent legislation removed references to creating reserves, indicating a more cautious approach.
Continuing legislative work in Arizona and neighboring states points to a growing interest in integrating cryptocurrencies into state reserves.
