In Brief:
- Arizona legislators passed a bill into law to establish a crypto reserve.
- The reserve will include Bitcoin and other cryptocurrencies.
- Both bills follow a nationwide trend of government-owned crypto reserves.
The Arizona House of Representatives has passed two bills into law proposing ideas on establishing a crypto reserve. The bills, which had more legislators voting in their favor than otherwise, passed through a third reading on Monday.
Arizona follows a nationwide rave for crypto reserves
The first Senate Bill 1025 (SB1025) proposed an amendment to Arizona’s statutes that will permit a strategic BTC reserve. Thirty-one members of the state’s House voted for the bill, while 25 opposed. A related bill, SB1373, which seeks to establish a state-level digital assets reserve, had 37 lawmakers on its side, with 19 voting in opposition.
Efforts across US states to create Bitcoin reserves follow a move from US President Donald Trump and federal Republican lawmakers to establish the same in the federal government. Trump signed an executive order in March, proposing a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.”
Speaking on SB1025, State Representative Jeff Weninger remarked, “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.”
However, he adds that a crypto reserve may not be an urgent inclusion in the state’s financial roadmap. “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.”
With the approval, Arizona is closer than any other state-level move within the US to pass a Bitcoin strategic reserve into law. Also, the New Hampshire House of Representatives has passed similar legislation in April, which could head to the Senate for a full floor vote shortly.
The US Presidency also wants to make the US the world’s “crypto capital.” With such a pro-crypto stance, the US is set to enjoy improved consumer sentiment and investor interest across the crypto community.
