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Arizona Legislature Passes Landmark Bitcoin Investment Bills
In a historic move, the Arizona Legislature has passed two landmark bills aimed at investing in digital assets. Senate Bill 1025 and Senate Bill 1373 have successfully cleared both legislative chambers and now await Governor Katie Hobbs’ decision.
The proposed legislation would enable the US state to invest up to 10% of available funds in Bitcoin and other cryptocurrencies. This groundbreaking move could make Arizona the first state to establish a strategic Bitcoin reserve within the United States.
Senate Bill 1025 specifically focuses on Bitcoin investments, ensuring that any accumulated BTC is secured in a segregated account if a federal Bitcoin reserve comes into existence. Meanwhile, Senate Bill 1373 seeks to create a Treasury-managed reserve fund composed of crypto assets seized during criminal investigations.
Proponents of the legislation argue that these initiatives would diversify Arizona’s reserves, hedge against inflation, and position the state at the forefront of financial innovation. However, Governor Hobbs has yet to indicate her stance on the bills, having previously pledged to veto all legislation until a budget stalemate is resolved.
If signed into law, both bills would secure a major victory for the cryptocurrency community.
Source: https://cryptopotato.com/arizona-legislature-passes-landmark-bitcoin-investment-bills/
