Arizona advances Strategic Bitcoin Reserve Act to House

Arizona legislators have advanced the Arizona Strategic Bitcoin Reserve Act, bringing the state together to make part of its financial strategy.

On February 27, the Senate of Arizona Voted 17-11 To pass the Strategic Bitcoin reserve act (SB 1025) In his third reading, moving it to the House for an additional debate. If he cleanses the house, he will land on the governor’s office for final approval before becoming law.

Presented by the Senator of the Wendy Rogers State and the representative Jeff Weninger, the bill proposes to authorize the state treasurer to invest up to 10% of public funds in virtual currencies, including Bitcoin.

It defines virtual currencies as digital assets which serve as a means of exchange, an account unit and a reserve of value, excluding representations of the US dollar or foreign currencies.

The bill also supports the creation of a strategic bitcoin reserve by describing measures to store assets assets in separate accounts and allowing Arizona public funds to deposit assets in a federal reserve if it is established.

According to a position X of February 28 of Bitcoin Laws, Arizona is now the second American state, behind UTAH, to advance a Bitcoin reserve bill at the final stages of the legislative process.

As before reported By Crypto.News, the UTAH bitcoin reserve bill recently adopted the senatorial committee on income and taxes during a 4-2-1 vote and is now heading for a second and third reading in the Senate before facing a final vote.

Similar bills are currently pending in 18 American states, according to the crypto reserve Bills Tracker, Bitcoin Reserve Monitor. However, not all states are on board –MontanaWyoming, northern Dakota, southern Dakota and Pennsylvania have rejected proposed crypto investment bills.

Meanwhile, the Arizona Senate also voted in favor of SB 1373, the strategic bill for the reserve of digital assets, which has erased its third reading with a 17-12 vote The same day.

However, unlike the Strategic Bitcoin Reserve Act (SB 1025), which focuses on the authorization of public funds to invest in Bitcoin and other virtual currencies, SB 1373 consists more in managing digital assets and seized funds appropriate by state legislature.

It proposes a strategic reserve fund for digital assets managed by the treasures of the State which holds crypto and state seized funds.