Arizona obtained the initiative in the American Bitcoin Strategic Strategic Race (SBR) after the two draft draft laws of the House of Representatives traded on March 18. She now has two legislation from active encoded and a draft legal law, also submitted to the next stage.
The Committee of the House of Representatives pass bitcoin bills for reserve
On Tuesday, the Arizona Trade Committee met to consider three bitcoin legislation, including the strategic reserve project, which Pass Voting to apply to the next legislative stage.
Senate Bill 1025 (SB1025), also known as “Bitcoin Strategic Reserve Law in Arizona”, issued a vote by 6-4. Bitcoin laws noted that voting “was along partisan lines: Republicans for the Democrats against.”
SB1025 passes with a 6 - 4 majority. Source: Bitcoin Laws
If approved, the legislation, which is sponsored by Republican Senator Wendi Rogers, will allow public funds in Arizona, such as the treasury secretary or the state’s retirement system, by investing up to 10 % of their assets under management in encrypted currencies, with a focus on bitcoin (BTC).
“If the US Treasury Secretary established the strategic bitcoin reserve for storing bitcoin government holdings, the General Fund may store virtual work holdings of the General Fund in a separate safe account within the strategic bitcoin reserves,” says SB1025.
The draft law also provides a framework for public funds to diversify their investments and create clear guidelines and definitions of its management.
Meanwhile, the Senate Law 1373 (SB1373) was issued, sponsored by Republican Senator Mark Vincim, with a vote 6-4 on Tuesday. The legislation aims to create a strategic reserve fund for digital assets in the state, and it consists of coded currencies and dedicated legislative funds that can be held through safe nursery solutions or products circulating in exchange (ETPS).
The fund will be managed by the State Treasurer, who can invest up to 10 % of its total deposits in any fiscal year and may expose its assets to generate additional returns if it does not increase the financial risks of the state.
“The draft law also clarifies strict requirements for safe nursery solutions, including exclusive main access, encrypted environments, maintenance of devices in several safe data centers, multi -party governance, comprehensive registration, regular security reviews, and disaster recovery protocols,” shows Bitcoin laws.
Arizona takes SBR progress
After Utah canceled the BTC Reserve condition, Arizona has become the country with the most advanced SBR legislation. As the Bittin currency mentioned, the Senate in Utah came out of the SBR race this month after amending the proposed bill, which allowed the Treasury to invest in digital assets.
Arizona has advanced two SBR bills. Source: Bitcoin Laws
After this development, Arizona took the initiative with two reserve projects pending the final of the Senate before moving to the Trade Committee in the House of Representatives. Both strategic bills are now transferred to the House of Representatives Bases Committee, which has a majority of 5 to 3.
If they pass the rules committee vote, the SB1015 and SB1373 will only require a vote by the full parliament before heading to the ruler’s office. Likewise, another draft law related to BTC passed the Trade Committee in the House of Representatives on Tuesday with a vote 6-4 and heading to the next stage.
The Senate Bill 1062 (SB1062), sponsored by Senator Mark Vinchim, aims to expand the state’s definition of legal giving to include cryptocurrencies, including BTC, along with traditional currencies.
The legislation also modernizes different sections of the Arizona Tax Law to include the definition of new legal giving and ensuring consistency through various laws, indicating an attempt to recognize the industry as a major sector.
BTC trades at $84,289 in the one-week chart. Source: BTCUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
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