Arizona crypto reserve bill passes House committee, heads to third reading

One of Arizona’s crypto reserve bills has been passed by the House and is now one successful vote away from heading to the governor’s desk for official approval.

Arizona’s Strategic Digital Assets Reserve Bill (SB 1373) was approved on April 17 by the House Committee of the Whole, which involves 60 House members weighing in on the bill before a third and final reading and a full floor vote.

SB 1373 seeks to establish a Digital Assets Strategic Reserve Fund made up of digital assets seized through criminal proceedings to be managed by the state’s treasurer. 

Arizona’s treasurer would be permitted to invest up to 10% of the fund’s total monies in any fiscal year in digital assets. The treasurer would also be able to loan the fund’s assets in order to increase returns, provided it doesn’t increase financial risks.

However, a Senate-approved SB 1373 may be set back by Arizona Governor Katie Hobbs, who recently pledged to veto all bills until the legislature passes a bill for disability funding.

Hobbs also has a history of vetoing bills before the House and has vetoed 15 bills sent to her desk this week alone.

Arizona is the new leader in the state Bitcoin reserve race

SB 1373 has been passing through Arizona’s legislature alongside the Arizona Strategic Bitcoin Reserve Act (SB 1025), which only includes Bitcoin (BTC).

The bill proposes allowing Arizona’s treasury and state retirement system to invest up to 10% of the available funds into Bitcoin.

SB 1025 also passed Arizona’s House Committee of the Whole on April 1 and is awaiting a full floor vote.

Related: Binance helps countries with Bitcoin reserves, crypto policies, says CEO

Utah passed Bitcoin legislation on March 7 but scrapped the cornerstone provision establishing the Bitcoin reserve in the final reading.

The Texas Senate passed a Bitcoin reserve bill on March 6, while a similar bill recently passed through New Hampshire’s House.

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