- The House of Representatives of Arizona adopted two bills (SB1025 and SB1373) establishing a strategic bitcoin reserve.
- The state legislature advances two important bills through the approval process while waiting for the Governor to make a final decision.
Arizona becomes the first state of history to enforce the investments of public funds in Bitcoin. Two bills on the legislature of important states have created a strategic reserve of cryptocurrency, which demonstrates the growing acceptance of digital assets in public financial management systems.
Arizona Bitcoin Bills advances the governor's office
The House of Representatives of Arizona vote In favor of Bill 1025 of the Senate (SB1025) to modify the laws of the State which establish a strategic bitcoin reserve. This bill obtained 31 votes for approval while 25 representatives voted against it. The legislators simultaneously adopted SB1373 to create a reserve of digital states from digital assets while receiving 37-19 votes in favor.
The Arizona State treasurer and pension system could invest a maximum of 10% of their funds available in digital assets, starting with Bitcoin. The initiative received the support of the Republican senator Wendy Rogers alongside the Republican representative Jeff Weninger.
Weninger thinks that the “May” clause will serve as a starting point in the foreseeable future until the adoption of Bitcoin continues to grow. This will lead to the implementation of the disposition in the future.
The proposed legislation awaits the governor Katie Hobbs To sign it. Recent developments show that Democratic Governor Katie Hobbs could sign cryptocurrency legislation despite his previous veto plans while demanding health care funding solutions.
Arizona joins an increasing number of states, including Iowa, Missouri, Texas and New Hampshire which are continuing this legislation. President Donald Trump has implemented a federal decree to create both a strategic bitcoin reserve and a stock of digital assets. Senator Cynthia Lummis presented a bill to the congress which would allow the federal government to acquire more than a million bitcoins.
Blackrock and Fidelity, as well as other large financial institutions, now suggest that Bitcoin should represent between 1% and 5% of investment portfolios because they consider cryptocurrency as a class of assets established.
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