Arizona is on the verge of creating the nation’s first state-managed cryptocurrency reserve as lawmakers push SB 1373 closer to final approval. The proposed legislation has cleared a critical hurdle and awaits one last vote in the state House before heading to Governor Katie Hobbs.
The legislative documents show that SB 1373 creates a Digital Assets Strategic Reserve Fund. The state treasurer would administer this Fund through assets collected during criminal investigations. The state treasurer would have permission to invest a maximum of 10 percent of the Fund each year in digital assets.
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Legislative documents indicate that under this bill, the treasurer is granted permission to lend fund assets for revenue generation. Because of these loan transactions, the financial reserve’s risk level must remain stable.
Lawmakers approved the bill during the House Committee of the Whole session on April 17, which puts it just before its potential final enactment.
Despite the bill’s progress, Governor Hobbs could block it. She has recently vowed to veto all legislation until the legislature passes funding for disability services. This stance has already resulted in 15 bills being vetoed in a week.
Arizona Moves Ahead While Other States Face Roadblocks
Arizona is also considering related legislation. SB 1025, the Arizona Strategic Bitcoin Reserve Act, would allow the state to invest up to 10 percent of its treasury and retirement funds in Bitcoin. That bill is also nearing a final vote after passing through a committee earlier this month.
During an interview, Julian Fahrer, who serves as Apollo CEO and Bitcoin Laws founder, indicated that SB 1373 might integrate with SB 1062. SB 1373 works to establish digital currencies as legal tender options within the state’s boundaries.
According to Fahrer, the rising support for crypto-related bills creates conditions that may result in combined legislation.
Additional states across the nation are currently working on related initiatives. The Texas state sensorial body successfully enacted a crypto reserve bill. The State of Utah passed a digital asset bill this year, leaving out the Bitcoin-related elements from the approved text.
The state of New Hampshire continues advancing its legislative efforts. Arizona’s position remains strong to become the first state to begin operating a government cryptocurrency reserve system.
The House final vote, combined with gubernatorial approval, will establish whether Arizona becomes the front-runner state regarding digital asset acceptance within state public sector frameworks.
Conclusion
With only one vote remaining, Arizona is closer than ever to launching its crypto reserve. The coming days will be decisive as lawmakers and the governor weigh the future of state-level digital asset management.
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