Rockin' with Crypto: Arizona's Steps towards Digital Gold
Arizona Legislature Endorses Companion Bitcoin and Cryptocurrency Bills
Buzzing about Blockchain Arizona is making waves in the crypto world with two hot bills traveling through the legislative pipeline. The state is eagerly diving head-first into state-level crypto investing, if these babies get Governor Katie Hobbs' seal of approval.
The Arizona House got their groove on recently, vote-dancing Senate Bill 1025 on its third reading. Nicknamed the "Arizona Strategic Bitcoin Reserve Act," it sashayed out with a 31-25-4 vote on Monday. [4]
A sizzling companion bill, S.B. 1373, was also on fire, winning the kiss of approval from the House in a sexy 37-19-4 vote on the same day. This bill is all about creating the foundation for managing various digital assets like a boss. [4]
Back in late February, the two bills sizzled through the Arizona Senate. With zero amendments given, they are now hurrying to the Governor's desk for a signature.
Dancing with Bitcoin SB1025 leans heavily on Bitcoin as that shimmering crypto darling for investment, while SB1373 sets up a jumping trampoline for various digital assets to play. [1]
A flirty proposition to incorporate Bitcoin ETFs into the state's retirement plan for government employees surfaced in March. Arizona also flickered a green light on a bill this month to protect Bitcoin miners and blockchain node operators from falling flat on their faces. [1]
SB1025: Let's Get Digital
SB1025 tackles budget management, starting with state coffers held in various banks, including the state treasury and pensions.
The bill also throws a curveball: Should the U.S. Treasury set up a Strategic Bitcoin Reserve, Arizona could stash its crypto holdings in a reservoir within that bad boy. [1]
SB1025 gives the state treasurer and retirement systems the power to invest up to 10% of public funds in virtual currencies, specifically Bitcoin. [1]
SB1373: The Dancefloor's New Hub
SB1373, on the other hand, brings a cool vibe to the scene by establishing a fund to store seized digital assets, such as Bitcoin, stablecoins, and NFTs caught in the criminal realm. [1]
In contrast to Arizona's typical expiration laws, the funds gathered from a legislative appropriation won't be evaporating at the end of the fiscal year under SB 1373. [1]
The Wild Dance of Funding
If these bills take the stage, Arizona could become the leader in showcasing crypto finances, following other states' steamy proposals. [1]
However, the bills' destiny is still up in the air since they're still waiting for Governor Hobbs' approval. Budget drama and political tensions have thrown spanners in the works earlier this month, with Governor Hobbs warning that any bills not already on her desk would get a big "kick to the curb." [3]
Despite a resolved budget squabble last Friday, Governor Hobbs hasn't taken a twirl with SB1025 and SB1373 yet. [3]
Arizona's PR squad didn't respond promptly when Decrypt shot them a question. 😅 independant research conducted by decrypt may provide further insights.
Edited by Sebastian Sinclair
Subscribe to the Daily Debrief Newsletter
Sources:
- AZ Senate approves 2 bills related to state crypto investments
- Arizona crypto bills clear House, awaiting governor's signature
- State budget deal reached in Arizona, additional actions needed
- Arizona House of Representatives, Roll Call Votes, https://www.azleg.gov/legislative-business/legIS/RollCallVote.asp?CommentaryID=5258
- Arizona Senate, Roll Call Votes, https://www.azleg.gov/legislative-business/legIS/RollCallVote.asp?CommentaryID=5350
- In the Arizona legislative pipeline, two bills, SB1025 and SB1373, are making strides towards redefining crypto investing at the state level.
- Known as the "Arizona Strategic Bitcoin Reserve Act," SB1025 recently passed its third reading in the Arizona House with a vote of 31-25-4.
- SB1373, which aims to manage various digital assets, also won approval from the Arizona House in a vote of 37-19-4 on the same day.
- Both bills, approved in late February by the Arizona Senate without amendments, are now awaiting Governor Katie Hobbs' signature.
- SB1025, if signed into law, will allow the state treasurer and retirement systems to invest up to 10% of public funds in virtual currencies, particularly Bitcoin.
- SB1373, on the other hand, proposes creating a fund to store seized digital assets like Bitcoin, stablecoins, and NFTs.
- These funds under SB 1373 won't evaporate at the end of the fiscal year, unlike Arizona's typical expiration laws.
- If these bills become law, Arizona could lead the way in showcasing crypto finance, following the footsteps of other states with similar proposals.
- However, the fate of SB1025 and SB1373 is uncertain as they are still waiting for Governor Hobbs' approval.
- Economic tensions earlier this month raised concerns about the timely passage of these bills, with Governor Hobbs warning that any bills not already on her desk would be rejected.
- Despite a budget agreement last Friday, Governor Hobbs has yet to consider SB1025 and SB1375. The Arizona PR squad has yet to respond to inquiries regarding these bills.
