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The Arizona House of Representatives has passed two bills that could pave the way for the state to establish a cryptocurrency reserve. On April 28, Senate Bill 1025 (SB1025), which proposes creating a strategic Bitcoin reserve, was approved with 31 votes in favor and 25 against. A similar bill, SB1373, aiming to establish a state-level digital assets reserve, passed with 37 lawmakers in favor and 19 opposed.
State Representative Jeff Weninger highlighted that SB1025 would allow the state treasurer to invest up to 10% of available funds into Bitcoin and potentially other digital assets. He noted that Arizona is among approximately 15 states considering similar legislation.
These approvals bring Arizona closer than any other U.S. state to enacting a law for a cryptocurrency or Bitcoin strategic reserve. Similar legislation in New Hampshire has passed the state’s House and is expected to head to the Senate for a full floor vote soon.
However, Governor Katie Hobbs announced on April 17 that she intends to veto any bill until lawmakers provide a “serious, bipartisan funding solution that protects healthcare for Arizonans with disabilities.” With the passage of such legislation on April 24, there is potential for the governor to reconsider her stance on SB1025 and SB1373.
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