Arizona lawmakers passed a strategic Bitcoin Reserve bill with a vote of 31 to 25, the state legislature’s website noted.
The legislation, called the Arizona Strategic Bitcoin Reserve Act (S.B. 1025), allows the state treasurer and retirement system to invest as much as 10% of available funds in crypto.
“This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets,” the bill summary read.
Passed on Monday, the bill has been sent to the governor’s desk for approval, Bloomberg Government reported.
Notably, Arizona Governor Katie Hobbs has recently pledged to veto all bills until the legislature passes a bill for disability funding. She has so far turned down 15 bills sent to her desk in the last week alone.
What Does the Arizona Bill Say
The SB1025 bill focuses exclusively on Bitcoin as an investment asset. The legislation defines how Arizona manages its public monies from the state treasury and pensions.
Further, the state of Arizona “may store” its public fund’s crypto holdings in a “secure, segregated account within the Strategic Bitcoin Reserve,” if the U.S. Secretary of the Treasury establishes a Bitcoin reserve.
The bill has been co-sponsored by Republicans Sen. Wendy Rogers and Rep. Jeff Weninger. If signed into law, Arizona would become the first state to fully integrate crypto into its finances.
US States Weigh to Establish Strategic Bitcoin Reserve
Other US states, such as Utah, passed Bitcoin-related legislation last month, but removed the Bitcoin reserve provision during final approval.
Meanwhile, Texas and New Hampshire have seen similar legislation, with the Texas Senate approving its Bitcoin reserve bill on March 6.
Recently, Kentucky Governor Andy Beshear officially signed House Bill 701, known as the “Bitcoin Rights” bill, into law. Kentucky has become one of the latest states to enact legislation protecting digital asset users and operations.
Besides, Missouri is also weighing whether to establish a strategic bitcoin reserve.
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