Arizona has released both Bitcoin Reserve accounts by the house rules committee, making the state on its way to becoming the first to draw up a strategic digital assets reserve.
After a voice session of 24 March, the accounts went through the Arizona House Rules Committee and now go to the entire house for mood.
The two proposals – SB 1373 and SB 1025 – try to set up both reserves of digital assets, but differ in their focus and financing sources.
SB 1373, the Strategic Digital Assets Reserve Bill, would enable the treasurer to manage a fund that consists of confiscated digital assets. Up to 10% of the value of the fund can be invested every year, with the option to borrow assets as long as it does not increase the risk.
SB 1025, the Arizona Strategic Bitcoin Reserve Act, focuses specifically on Bitcoin. It would allow the state and pension system of the State to invest up to 10% of the available funds in Bitcoin. The bill also contains a provision to store the bitcoin in a safe, separate Federal Reserve account.
If the bills free up the full mood on the floor of the house, they go to the Democratic Governor Katie Hobbs, whose approval remains the last obstacle.
By one March 25 X Post Because of Bitcoin laws on X, the accounts have a decent shot to pass the house because of the Republican majority, but challenges can be tackled at the Governor’s office.
In particular, Hobbs is known for the veto of the legislation led by the Republicans and has 22 percent of the accounts rejected in 2024 the highest percentage of every American governor.
From 25 March, data from Bitcoin laws will show that Arizona leads the race to set up a Bitcoin reserve supported by the State closely followed by Oklahoma and Texas.
The Senate of Texas approved SB-21, its strategic Bitcoin reservewets, in a vote of 25-5 votes on March 6. The bill is now moving to the State House for consideration, followed by the office of the Governor if accepted.
Only a few days later, however, Democrat representative Ron Reynolds introduced a separate proposal to close the reserve size to $ 250 million in an attempt to limit the scale of the Bitcoin holdings of the state.
Meanwhile, on March 25, the house of Oklahoma passed The Bitcoin Reserve Bill (HB1203) with strong support in a 77-15 votes. The bill now goes to the Senate for further consideration.
