Arizona legislature passes Bitcoin reserve bills, moving closer to stockpiling crypto

The Arizona House of Representatives approved two bills proposing different methods that the state could use to establish a cryptocurrency reserve.

Lawmakers in the Arizona House of Representatives passed two bills that could allow the state to adopt a reserve using Bitcoin (BTC) or other cryptocurrencies.

In a third reading on April 28 of Senate Bill 1025 (SB1025), a proposal to amend Arizona’s statutes to allow for a strategic BTC reserve, 31 members of the Arizona House voted in favor of the bill, with 25 opposed. A similar bill, SB1373, to establish a state-level digital assets reserve, passed with 37 lawmakers in favor and 19 voting nay.

“This bill basically takes the approach that probably 15 other states are considering the same legislation nationwide that allows the treasurer to invest up to 10% into, probably mainly Bitcoin but other things as well,” said State Representative Jeff Weninger on SB1025. “I think this probably would start as a ‘may’ for the foreseeable future, but as things continue to pivot towards Bitcoin and these things, would have that already in place in the future.”

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