TLDR:
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Arizona passes two crypto-related bills: SB1025 and SB1373.
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SB1025 would allow up to 10% of state funds to be invested in Bitcoin.
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SB1373 creates a strategic digital asset reserve fund.
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Bills await final approval from Governor Katie Hobbs.
Arizona Aims to Lead in Crypto Integration
Arizona lawmakers passed two pivotal bills that could establish the state as a leader in public-sector cryptocurrency adoption. The House approved Senate Bill 1025, the "Arizona Strategic Bitcoin Reserve Act," and SB1373, which creates a broader digital asset reserve fund. Both bills passed with narrow margins and await Governor Katie Hobbs’ signature.
SB1025: A Bitcoin-Focused Public Fund Strategy
SB1025 would allow the state treasurer and retirement systems to invest up to 10% of Arizona's public funds in virtual currencies, specifically Bitcoin. It also outlines provisions for storing these assets securely, potentially through a federal Strategic Bitcoin Reserve if established.
SB1373: Broader Digital Asset Reserve Fund
Unlike SB1025, SB1373 addresses digital assets beyond Bitcoin. It creates a fund for digital assets obtained through legislative appropriations or criminal seizures. These assets could include stablecoins and NFTs, with the state treasurer responsible for custody and management.
Political Tensions May Derail Final Approval
Despite bipartisan support in the legislature, the bills face uncertainty. Governor Hobbs has threatened to veto any legislation not yet on her desk amid disputes over state budget priorities. While a budget resolution was reportedly reached, Hobbs has yet to issue a statement on these crypto bills.
