The Arizona House of Representatives has approved two important bills aimed at establishing a state cryptocurrency reserve, which will be the first of its kind in the United States. Bill SB1025 allows the state to accumulate bitcoins for strategic purposes, while SB1373 provides for the formation of a digital asset reserve. Both bills passed their third readings with support of 31 and 37 votes against 25 and 19, respectively. They now await the signature of Governor Katie Hobbs, after which they will take effect.
This is reported by Business • Media
If the bills are signed, Arizona will become the first state to officially invest in cryptocurrencies. This will pave the way for direct state investments in bitcoin and other digital assets. Representative Jeff Weninger noted that this aligns with the trend in other American states that allow treasurers to invest up to 10% of state funds in cryptocurrencies. According to him, in the initial phase this will be more of an opportunity, but over time, crypto investments will become a reality.
“I think this will probably start as a ‘maybe’ in the foreseeable future, but as everything moves toward bitcoin and similar things, it will clearly be realized further on,” Weninger stated.
Benefits and Prospects of the Crypto Reserve in Arizona
The initiatives in Arizona have progressed further than similar projects in other U.S. states. For example, in New Hampshire, the bill to create a crypto reserve is currently under consideration in the Senate. Earlier, the Governor of Arizona expressed intentions to veto any bills without budget approval in the healthcare sector, but recent changes in the legislative process may alter her stance on this issue.
At the federal level, U.S. President Donald Trump signed an executive order to create a strategic bitcoin reserve and a stockpile of digital assets. Additionally, Senator Cynthia Lummis initiated a bill to purchase 1 million bitcoins over five years. According to her, these measures are aimed at institutionalizing crypto reserves at the national level.
Overall, the creation of cryptocurrency reserves in the U.S. is gaining momentum, and states are actively implementing new mechanisms for utilizing digital assets for public purposes.