Arizona edges are closer to an encryption treasury, but the ruler threatens the veto over the budget dispute
Arizona One step away From becoming the first American country to carry Bitcoin and other digital assets in its wardrobe, but the political confrontation with Governor Katie Hobbes threatens to take out the effort before its arrival at its office.
Senate Bill 1373The Strategic Reserve Fund for Digital Assets has been approved by the Parliament Committee on April 17 and the final floor is now awaited. The draft law proposes the establishment of a fund managed by the treasury secretary, which includes the digital assets that were seized by the state and the funds allocated by the legislative body.
The state treasurer will be declared to invest up to 10 % of the fund annually in digital assets, including bitcoin, and to provide these assets to generate additional returns, provided that these procedures do not exceed financial risks.
Also, the accompanying procedure, the Senate Bill 1025, a strategic bitcoin reserve law in Arizona, also passed the House of Representatives Committee for each on April 1 and is awaiting the final vote. This law allows the Ministry of Treasury and retirement in the state to invest up to 10 % of the funds available specifically in Bitcoin
Hobbes pledges the transfer of veto due to the budget priorities
If enact, these bills will put Arizona at the forefront of merging digital assets into government financial strategies.
However, Governor Hobbes pledged to arrest all legislation that was not already present on her office until legislators dealt with a $ 122 million financing deficit in dividing development disabilities in the state.
Hobbes said in a post on social media on April 17:
“The work can not last as usual. Any invoice, not on my office, will be already rejected.”
Both projects, which are largely supported by Republican lawmakers, will be managed through the state’s office office. While the reserve fund depends on the permissible assets or the money listed in the budget, the investment bill opens the door to direct the allocation of state capital to large coded currencies, especially bitcoin.
The movements come among the broader Republican Party Support for encryption initiativesEspecially since President Donald Trump returned to his position. However, Hobbes resistance reflects the decline in other countries led by Democrats, as concerns about financial risks and fluctuations have stopped to similar legislation.
Other countries stumble, but the momentum builds
Arizona momentum contrasts with failed attempts elsewhere. Bitcoin strategic law in Oklahoma This week collapsed During the final review of the Senate, although the multiple parliament committees pass. In the previous months, encryption bills in Montana, Northern Dakota, and Woewang failed.
Utah, which was one of the advanced centers, has removed the language that allows the fund’s secretary to the state to keep the bitcoin directly, and instead chose legal protection on coding and mining custody.
Meanwhile, Texas and New Hampsuire still have Legislation awaiting It involves limited digital asset investments. According to Bitcoin laws, more than three dozens of strategic Bitcoin reserve proposals are active in 20 states.
Despite the setbacks in many legislative bodies, supporters argue that bitcoin can provide states against inflation and a modern alternative to traditional cash reserves. Critics are still skeptical, excluding that speculative assets such as encryption are unacceptable risks to taxpayers dollars.
Arizona’s final vote on SB1307 within days. However, the next step for the ruler may determine whether the state is planning a new path or joining the growing list of the stalled efforts.
Pamphlet Arizona edges are closer to the cabinet, but the ruler threatens the veto over the budget dispute First appear on Cryptoslate.
