Two strategic digital assets reserve bills in Arizona were cleared of Arizona’s House Rules committee on March 24 and is now heading to the house floor for a full vote.
Bills that come together, if passed by law, will cleanse the way for Arizona Promote Strategic digital reserves are made up of existing genitals confiscated by criminal proceedings in addition to newly investing public funds.
Republicans hold 33-27 majority in the House of Representative of Arizona, giving the same bills a decent opportunity passed.
Source: Bitcoin Laws
However, according to Bitcoin laws, the final obstruction could be the state’s democratic governor, Katie Hobbs. Hobbs has a History of vetoing bills before the Chamber, blocking 22% of the bills in 2024 – the highest rate of any state governor.
Arizona’s two crypto bills explained
The two bills recently approved by the Arizona’s House Rules Committee are the Strategic Digital Assets Reserve Bill (SB 1373) and the Arizona Strategic Bitcoin Reserve Act (SB 1025).
The Strategic Digital Assets Reserve Bill (SB 1373) focuses on the establishment of a strategic digital assets reserve consisting of digital assets seized by criminal proceedings managed by the state manager.
The manager is limited to investing no more than 10% of the total funding amount per fiscal year. However, they will also be able to borrow the ownership of the funds to increase returns, provided that doing so does not increase financial risks.
The Arizona Strategic Bitcoin Reserve Act (SB 1025) specifically Deal with bitcoin (Btc). The bill recommends allowing the state’s retirement and retirement system to invest up to 10% of its available funds in Bitcoin.
In addition, SB 1025 will also allow for the State’s Bitcoin Reserve to be stored in a safe, separate account within a federal bitcoin reserve, one must be established.
Related: US states lead to strategic bitcoin reserve creation – will Trump deliver his promise to BTC?
While Arizona is now considered Leading The race to establish a state -based digital asset reserve, many other states are hot on its heels.
On March 6, the The Senate of Texas has passed Strategic Bitcoin Reserve Bill (SB-21) by a vote of 25-5. The Texan Bill still needs to pass the Chamber and obtain the Governor’s signature for the law. Following this vote, a The new bill is introduced By Democrat Representative Ron Reynolds to cultivate the size of the former Uncapped Reserve for $ 250 million.
Utah recently passed Bitcoin lawBut all references to the establishment of a strategic reserve were removed at the last moment.
Meanwhile, the Oklahoma House passed The Bitcoin Reserve Bill HB1203, 77-15 on March 25. That bill will now go to the state Senate.
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