Arizona poised to create First-in-Nation state crypto reserve fund – Final vote imminent
The post Arizona poised to create First-in-Nation state crypto reserve fund – Final vote imminent appeared on BitcoinEthereumNews.com.
Arizona’s proposed Digital Assets Strategic Reserve Fund (SB1307) has received approval and is now in its final stage of review. This development comes amid Governor Katie Hobbs’ continued vetoes of bipartisan bills. Arizona’s Digital Assets Strategic Reserve Fund (SB1307) received backing from the House Committee of the Whole, where 60 members voted on the bill, advancing it to the final voting phase. This final phase involves the full House deciding whether the bill should be approved or dismissed. If approved, it would only be enacted if Governor Hobbs grants final approval. The proposed strategic fund would be managed by the state treasurer and primarily consist of assets seized by the state, along with funds approved by the legislature. The treasurer would be permitted to allocate no more than 10% of the fund annually into digital assets. Additionally, a portion of the fund could be lent out to generate returns, provided it does not carry significant financial risk or burden. Hurdles to approval That said, SB1307 might still hit a wall. Governor Hobbs has threatened to veto bills unless the legislature prioritizes disability funding. In fact, she rejected 15 bills just last week, sticking firmly to that demand. If SB1307 is passed before lawmakers address her condition for bill approval, the creation of a strategic crypto reserve fund may not materialize. Nevertheless, interest among U.S. investors has spiked in the past day. Bitcoin purchases have increased, with the Coinbase Premium Index showing a slight rise, signaling heightened interest in the asset. Source: CryptoQuant Arizona aims to lead Bitcoin and crypto asset adoption in the U.S. Arizona continues to lead in digital asset adoption among all 50 states. Similar to SB1307, the Arizona Strategic Bitcoin Reserve Act (SB1025) has also been moved to the full House for a final vote. This proposed…
Filed under: News - @ April 18, 2025 3:28 pm