Arizona Passes Bill To Create Strategic Bitcoin Reserve
The post Arizona Passes Bill To Create Strategic Bitcoin Reserve appeared on BitcoinEthereumNews.com. Arizona has moved closer to establishing the first Bitcoin reserve at the state level in the United States. Lawmakers passed two key bills allowing up to 10% of public funds to be invested in Bitcoin and other digital assets. The bills now await the signature of Governor Katie Hobbs to become law. Arizona Legislature Advances Bitcoin Reserve Bills On April 28, the Arizona House of Representatives voted on Senate Bill 1025 (SB1025) and Senate Bill 1373 (SB1373). SB1025, which amends state statutes to permit a strategic Bitcoin reserve, passed with 31 votes in favor and 25 against. SB1373, which proposes a broader digital asset reserve, passed with 37 votes in favor and 19 opposed. State Representative Jeff Weninger explained that the bill provides authority to invest up to 10% of public funds in Bitcoin and potentially other cryptocurrencies. “I think this probably would start as a ‘may’ for the foreseeable future,” Weninger said during discussions. Arizona’s bills place it ahead of several other U.S. states considering similar legislation. If signed into law, Arizona could become the first state to formally hold Bitcoin as a strategic asset despite criticism from economists like Peter Schiff. Governor’s Decision Will Determine Final Outcome Democrat Governor Katie Hobbs has earlier on declared her position as being against any bill signing until a solution on disability funding was reached by the two chambers. Nevertheless, with the recent development on the funding legislation, she has been under pressure to pass the Bitcoin reserve bills. According to Dennis Porter, the CEO of the Satoshi Action Fund, the American voters should convince their leaders to hold strategic Bitcoin reserves. Porter underlined the need to continue the process as the legislations have passed through different legislative processes. ARIZONA JUST BECAME THE FIRST STATE IN THE NATION TO PASS STRATEGIC BITCOIN…
The post Arizona Passes Bill To Create Strategic Bitcoin Reserve appeared on BitcoinEthereumNews.com.
Arizona has moved closer to establishing the first Bitcoin reserve at the state level in the United States. Lawmakers passed two key bills allowing up to 10% of public funds to be invested in Bitcoin and other digital assets. The bills now await the signature of Governor Katie Hobbs to become law. Arizona Legislature Advances Bitcoin Reserve Bills On April 28, the Arizona House of Representatives voted on Senate Bill 1025 (SB1025) and Senate Bill 1373 (SB1373). SB1025, which amends state statutes to permit a strategic Bitcoin reserve, passed with 31 votes in favor and 25 against. SB1373, which proposes a broader digital asset reserve, passed with 37 votes in favor and 19 opposed. State Representative Jeff Weninger explained that the bill provides authority to invest up to 10% of public funds in Bitcoin and potentially other cryptocurrencies. “I think this probably would start as a ‘may’ for the foreseeable future,” Weninger said during discussions. Arizona’s bills place it ahead of several other U.S. states considering similar legislation. If signed into law, Arizona could become the first state to formally hold Bitcoin as a strategic asset despite criticism from economists like Peter Schiff. Governor’s Decision Will Determine Final Outcome Democrat Governor Katie Hobbs has earlier on declared her position as being against any bill signing until a solution on disability funding was reached by the two chambers. Nevertheless, with the recent development on the funding legislation, she has been under pressure to pass the Bitcoin reserve bills. According to Dennis Porter, the CEO of the Satoshi Action Fund, the American voters should convince their leaders to hold strategic Bitcoin reserves. Porter underlined the need to continue the process as the legislations have passed through different legislative processes. ARIZONA JUST BECAME THE FIRST STATE IN THE NATION TO PASS STRATEGIC BITCOIN…
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