Arizona MPs have carried forward the Arizona Strategic Bitcoin Reserve Act, bringing the state a step closer to make bitcoins a part of its financial strategy.
On 27 February, Arizona Senate 17-11 voted To pass the Strategic Bitcoin Reserve Act (SB 1025) in his third reading, he took it to the house for further debate. If it cleanses the House, it will land on the Governor’s desk for final approval before it is enacted.
The state’s Senator Wendy Rogers and representative Jeff Venninger, the bill, proposed to allow the state treasurer to invest 10% public funds in virtual currencies including bitcoins.
It defines virtual currencies as digital assets that act as an entity, a unit of account and a shop of value, except for the representation of US dollars or foreign currencies.
The bill supports the construction of a strategic bitcoin reserve, which safely outlines measures for storing holdings in separate accounts and allows Arizona’s public funds to accumulate property in a Federal Reserve.
According to the Bitcoin laws 28 February X Post, Arizona now stands as the second US state behind Utah, to carry forward the Bitcoin Reserve Bill in the final stages of the legislative process.
As the previously reported by Crypto.news, Utah’s Bitcoin Reserve Bill has recently passed the Senate Revenue and Taxation Committee in 4-2–1 votes and now led to another and third reading in the Senate before facing the final vote.
According to the Crypto Reserve Bill Tracker, Bitcoin Reserve Monitor, similar bills are currently pending in 18 American states. However, not all the state boards – Montana, Vyoming, North Dakota, South Dakota and Pennsylvania have rejected the proposed crypto investment bills.
Meanwhile, Erizona Senate has also voted in favor of SB 1373, Strategic Digital Assets Reserve Bill, which approved its third reading. 17-12 votes The same day.
However, unlike the Strategic Bitcoin Reserve Act (SB 1025), which focuses on allowing public funds to invest in bitcoins and other virtual currencies, the SB 1373 is more about managing digital assets and funds approved by the State Legislature.
It proposes a state treasurer-managed Digital Assets Strategic Reserve Fund that seizes Crypto and State-State Funds.
