Lawmakers in the Arizona House of Representatives have voted to pass two bills that could allow the state to adopt a reserve using Bitcoin (BTC) or cryptocurrency.
Lawmakers in the Arizona House of Representatives have voted to pass two bills that could permit the state to form a reserve using Bitcoin (BTC) or cryptocurrency.
During third readings on April 28 of the Senate Bill 1025 (SB1025), a proposal to modify Arizona’s statutes to permit a strategic BTC reserve, 31 members of the Arizona House voted in favor of the bill, while 25 voted against it. A similar bill, SB1373, to create a state-level digital assets reserve, passed with 37 lawmakers voting in favor and 19 voting nay.
“This bill essentially adopts the approach that around 15 other states are now considering the same legislation at the federal level, allowing the treasurer to invest up to 10%, probably primarily in Bitcoin but also other assets,” stated State Representative Jeff Weninger regarding SB1025. “I believe this would begin as a ‘may’ for the foreseeable future, but as the focus shifts to Bitcoin and related matters, it would already be in place for the future.”
This is an unfolding story, and additional details will be shared as they become available.
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