Two strategic bills on digital asset reserves in Arizona have erased the Rules Committee of the Arizona Chamber on March 24 and are now heading to the Chamber’s floor for a full vote.
The bills together, if they were adopted, will open the way to Arizona to establish reservations of strategic digital networks made up of existing assets confiscated through criminal procedure in addition to newly invested public funds.
The Republicans hold a majority of 33-27 in the House of Representatives of Arizona, giving the two bills a decent chance to pass.
Source: Bitcoin laws
However, according to Bitcoin laws, the last obstacle could be the government’s Democratic Governor Katie Hobbs. Hobbs has a history of veto in the House, having blocked 22% of invoices in 2024 – the highest rate of all state governors.
The two crypto invoices of Arizona explained
The two bills recently approved by the Arizona Rules Committee are the Strategic Bill on the Digital Asset Reserve (SB 1373) and the Arizona Strategic Bitcoin Reserve Act (SB 1025).
The Strategic Bill on the Reserve of Digital Assets (SB 1373) focuses on the creation of a strategic reserve of digital assets made up of digital assets entered through criminal procedures to be managed by the treasurer of the State.
The treasurer would be limited to investing at more than 10% of the total value of the fund each financial year. However, they would also be able to lend the fund’s assets in order to increase yields, provided that this does not increase financial risks.
The Arizona Strategic Bitcoin Reserve Act (SB 1025) specifically deals with Bitcoin (BTC). The bill proposes to authorize the Treasury and Arizona State Pension System to invest up to 10% of its funds available in Bitcoin.
In addition, SB 1025 would also allow the Bitcoin reserve of the State to be stored in a secure account and separated in a federal Bitcoin reserve, if we are established.
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While Arizona is now considered leader of the race to establish a reserve of digital assets based on the state, several other states are hot on its heels.
On March 6, the Texas Senate adopted the Bitcoin reserve strategic bill (SB-21) by a vote of 25-5. The Texan bill must still pass the house and pass the governor’s signature. After this vote, a new bill was presented by the Democratic representative Ron Reynolds to cap the size of the previously non -ceiling reserve at 250 million dollars.
UTAH has also recently adopted Bitcoin legislation, but all references to the creation of a strategic reserve were deleted at the last moment.
Meanwhile, Oklahoma House adopted its Bitcoin Reserve Bill HB1203, 77-15 on March 25. This bill will now travel to the state Senate.
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