Arizona Enacts Two Measures for Storing Bitcoin Reserves
Rewritten Article:
Arizona's Bitcoin Reserve Bills Up for Governor's Signature
Arizona's state legislature has taken a major stride towards integrating Bitcoin into their financial system. Senate Bills SB1025 and SB1373, aiming to create a Bitcoin reserve, have worked their way through the house and are now awaiting the final step: Governor Katie Hobbs' signature.
These bills breezed through the legislature, giving hope that Arizona might become the first state to establish a Bitcoin reserve. With Governor Hobbs' backing, the new law could be on the horizon.
Arizona in the Lead in the Race for State-Level Bitcoin Reserves
Despite the legislature still being in session, the Bitcoin Reserve bill took center stage early on the agenda. SB1025 grabbed headlines as it progressed further than any other state-level proposal.
Several state-level Bitcoin Reserve bills have been making the rounds, but Arizona seems poised to take the cake.
"Arizona passes second Bitcoin Reserve bill. SB 1373 passed 37-19! Both Reserve bills to Governor Hobbs' desk for signature," a crypto-related policy watchdog announced.
According to SB1025's text, it will enable Arizona to invest up to 10% of its public funds in Bitcoin or other digital assets. This limit mirrors South Carolina's bill, which also requires a maximum of 10% investment.
Fiscal Conservatives Exert Pressure
Conservative fiscal advocates presented a roadblock to a stronger commitment to Bitcoin purchases, causing some hopeful enthusiasm to dwindle.
In February, active proposals—if passed—could have triggered up to $23 billion in Bitcoin purchases. However, fiscal conservatives' opposition lowered these expectations. Today, most proposals include a spending limit or avoid specific sizes altogether, but a few bills will still trigger substantial purchases.
As SB1025 closed in on a third reading, Governor Hobbs is the last hurdle Arizona must clear to secure a Bitcoin Reserve. With her recent change of stance on vetoing bills, hope springs eternal for Bitcoin supporters.
Bullish Implications if Signed into Law
Arizona's spending cap might be a letdown for Bitcoin optimists, but it's still a win for the industry if the law passes. The legislation would represent the first wave of state-level Bitcoin acquisitions—no matter the size.
This move comes at a time when government-level Bitcoin hoards are dwindling and some countries are completely liquidating their holdings. Trump's Strategic Crypto Reserve appears to have had positive impacts on market sentiment, even though it doesn't acquire Bitcoin directly.
If SB1025 and SB1373 formally become law, Arizona is likely to see increased Bitcoin demand and a boost in investor confidence. New Hampshire and Texas are also following Arizona's lead, waiting for their Senate votes on their respective bills.
Meanwhile, institutions like TonTrader, dYdX, Arkham, BingX, HTX, and others continue to provide trading opportunities in the rapidly evolving crypto market.
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- If signed by Governor Katie Hobbs, Arizona will become the first state to establish a Bitcoin reserve, as per Senate Bills SB1025 and SB1373.
- The Bitcoin Reserve bill took early precedence in Arizona's legislative agenda, outperforming all other state-level proposals.
- Arizona's proposed Bitcoin Reserve bills enable the state to invest up to 10% of its public funds in Bitcoin or other digital assets, following a similar model in South Carolina.
- Fiscal conservatives have presented a challenge to a stronger Bitcoin investment commitment, tempering initial expectations of up to $23 billion in potential Bitcoin purchases.
- should SB1025 and SB1373 become law, Arizona could witness increased Bitcoin demand and a boost in investor confidence, potentially influencing the crypto market.
- As Arizona moves forward with its Bitcoin Reserve, institutions like TonTrader, dYdX, Arkham, BingX, HTX, and others continue to offer trading opportunities in the rapidly evolving crypto market, requiring a disclaimer for informed decision-making.
