Digital assets bills in Arizona state are advancing, but the ruling veto threat is waving on the horizon

Two projects, which aim to establish digital assets reserves in Arizona, cleared the state’s bases committee in the state on March 24 and is now submitting to the House of Representatives Hall for full voting.

The proposed legislation includes a strategic digital asset reserve bill (SB 1373) and the strategic Bitcoin reserve law in Arizona (SB 1025), which is expected to place Arizona as the first country to create a strategic reserve for digital assets.

Digital assets in Arizona

SB 1373 Seek To create a backup box consisting of the digital assets that were seized during the criminal investigations. Such a step would allow the Secretary of the State Fund to manage assets. This fund will be crowned with a 10 % annual investment rate, with the additional ruling that assets may be loaned to enhance revenues, as long as transactions do not determine unjustified risks.

On the other hand, SB 1025 specifically focuses on Bitcoin and suggests that it is allowed for the Ministry of Arizona and the state’s retirement system to invest up to 10 % of the money available in the encrypted currency. This bill also includes a condition for securing any BTC investments in a separate account within the potential federal bitcoin reserves.

The Republican majority increases 33-27 in the House of Representatives in Arizona from the possibility of the two projects. However, the uncertainty exists because they require the approval of the ruler Katie Hobbes, a democracy known for its frequent vit. In 2024, Hobbes Veto 22 % of legislation, which is the highest rate among all state rulers, raises questions about whether these bills will get their support.

Similar efforts in other states include the Senate in Texas, which passes the strategic bitcoin reserves invoice (SB-21) on March 6 with 25-5 votes, although he still needs to remove the parliament and gain the signing of the ruler.

Meanwhile, the last Bitcoin legislation in Utah has ruled out the establishment of a strategic reserve, while the Bitcoin Reserve Law in Oklahoma was approved on March 25 with a 77-15 vote.

Kentucky signs the “Bitcoin Rights” bill in the law

Kentucky’s governor, Andy Inders officially Fell The Bitcoin Rights Law in the law, providing legal protection for cryptocurrencies. This measure, the draft law of home 701, the right to self -monopoly, the operation of an encryption knot, and the use of digital assets without fear of discrimination.

The draft law was submitted by Representative Adam Pauling in February of this year and ordered the Council of State and the Senate with the support of unanimity before signing by Beshear on March 24.