Crypto In The Desert: Arizona Reserve Bill Advances To 3rd Reading

Source Bitcoinist

Arizona’s push to develop state-run cryptocurrency reserves gained momentum this week. One bill cleared a crucial hurdle when the Strategic Digital Assets Reserve Bill (SB 1373) moved through the upper chamber of the House Committee of the Whole on April 17. It is set for a final vote before potentially reaching Governor Katie Hobbs.

Bill Would Create Fund From Seized Crypto Assets

SB 1373 would create a Digital Assets Strategic Reserve Fund comprised of digital assets seized in a criminal proceeding. The state treasurer would manage this fund and could invest up to 10% of its total amount into digital assets each year.

Under the law, Arizona’s treasurer would also be able to lend the assets of the fund to enhance returns. The lending power is accompanied by the requirement that it should not enhance financial risks.

Governor’s Veto Threat Hangs Over Legislation

The bill’s passage can be derailed even if it clears its last House vote. Governor Hobbs recently threatened to veto all bills until lawmakers enact legislation for disability funding. Her history doesn’t look good for the crypto bill – she has already vetoed 15 bills that landed on her desk this week.

Julian Fahrer, CEO of Apollo and founder of Bitcoin Laws, said SB 1373 will pass the House. However, he intimated it could be merged with another crypto-related bill, SB 1062, that would broaden the definition of legal tender to include cryptocurrency.

Second Bitcoin-Specific Bill Also Moving Forward

Arizona legislators are pushing a second cryptocurrency bill in addition to SB 1373. The Arizona Strategic Bitcoin Reserve Act (SB 1025) is targeted at investing in Bitcoin exclusively and not on a wider group of digital currencies.

This legislation would allow Arizona’s state retirement system and treasury to invest as much as 10% of available funds into Bitcoin investments. SB 1025 passed the House Committee of the Whole on April 1 and now is waiting for its own floor vote.

Arizona Leads Multi-State Race For Crypto Reserves

According to recent legislative advancements, Arizona is at the forefront of multiple states in pursuing cryptocurrency reserve bills. Utah approved Bitcoin bills on March 7 but eliminated the vital provision of a Bitcoin reserve in its third reading.

The Texas Senate passed a similar Bitcoin reserve bill on March 6, and New Hampshire’s House recently passed similar legislation. While Arizona seems to be leading the charge on moving these bills forward, Fahrer thinks the Texas bill has the best shot at becoming law, citing it having encountered the “fewest explicit roadblocks” to date.

These state initiatives are part of an emerging trend of government institutions seeing cryptocurrency as an integral part of their investment portfolios, yet political challenges are yet to be overcome. If signed into law, the bills would signal a paradigmatic shift in how state governments invest and manage digital assets.

Featured image from Pexels, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
May 01, Thu
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
placeholder
Ripple Price Prediction: XRP signals breakout as spot ETF prospects brightenRipple (XRP) price remains firmly supported at $2.20, while trading at $2.22 at the time of writing on Friday.
Author  FXStreet
18 hours ago
Ripple (XRP) price remains firmly supported at $2.20, while trading at $2.22 at the time of writing on Friday.
placeholder
Gold looks set for weekly loss as news of trade talks curb haven demandGold (XAU/USD) trades around $3,250 on Friday,  recovering slightly from two-week lows after three straight days of losses. The losing streak that took place this week was the sum of a whole package of headlines that all had one theme in common: easing on tariffs. 
Author  FXStreet
18 hours ago
Gold (XAU/USD) trades around $3,250 on Friday,  recovering slightly from two-week lows after three straight days of losses. The losing streak that took place this week was the sum of a whole package of headlines that all had one theme in common: easing on tariffs. 
placeholder
Could XRP ETF Approval Be Near? Ripple To Meet SEC Chair Paul Atkins On May 2As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications. 
Author  Bitcoinist
18 hours ago
As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications. 
goTop
quote