Arizona Crypto Reserve Bill Clears Key Hurdle: Details

Arizona is on the brink of establishing one of the first state-backed crypto reserve funds in the U.S. after the House Committee of the Whole greenlit SB 1373—also known as the Strategic Digital Assets Reserve Bill—on April 17. The legislation, if passed in a final floor vote, will head to Governor Katie Hobbs’ desk for approval . SB 1373 proposes the creation of a Digital Assets Strategic Reserve Fund, composed primarily of digital assets acquired through criminal seizures. The fund would be managed by Arizona’s state treasurer, who would be authorized to invest up to 10% of its holdings annually into digital assets such as cryptocurrencies. Additionally, the treasurer could loan fund assets to enhance returns, as long as the risk profile remains within acceptable limits. Bill Advances in Arizona Legislature Despite its progress , the bill’s fate remains uncertain. Governor Hobbs has publicly declared a moratorium on signing any new legislation until lawmakers pass a bill securing disability funding. She also has a record of aggressive vetoes, axing 15 bills just this week. Still, industry watchers remain cautiously optimistic. Julian Fahrer, founder of Bitcoin Laws and CEO of Apollo, believes SB 1373 will likely clear the final vote. However, he hinted it may be consolidated with other crypto legislation, including SB 1062, which seeks to classify digital currencies as legal tender in the state. Bitcoin Reserve Gains Momentum Across U.S. States Arizona is not acting in isolation. Alongside SB 1373, lawmakers in the state have also advanced SB 1025—dubbed the Arizona Strategic Bitcoin Reserve Act . This bill mirrors its companion in intent but focuses exclusively on Bitcoin, allowing both the state treasury and the public retirement system to allocate up to 10% of their available funds into the leading cryptocurrency. SB 1025 passed the House Committee of the Whole earlier this month and now awaits a floor vote. Other states are making similar moves. Texas and New Hampshire have advanced Bitcoin reserve bills of their own, while Utah’s version passed but ultimately had its key reserve provision stripped. Fahrer believes Texas may be best positioned for success , citing fewer political hurdles compared to other states. The post Arizona Crypto Reserve Bill Clears Key Hurdle: Details appeared first on TheCoinrise.com .

Source: The Coin Rise