Arizona Advances Bitcoin Reserve With New Crypto Bills

The US state of Arizona has moved closer to legalizing the accumulation of Bitcoin at the local government level. Still, this week, House lawmakers passed two bills that are in a position to help the state create a local crypto reserve. The initial impetus for initiatives to adopt digital assets in various states was the election of Donald Trump as U.S. president in November 2024. And now, the trend is more relevant than ever.At its third reading on April 28, Senate Bill 1025 (SB1025), which proposes to amend Arizona laws to create a strategic crypto reserve, received the support of 31 House memиers, although 25 voted against it.A similar bill, SB1373, which would create a statewide digital asset reserve, was approved by 37 votes with 19 against.The event was commented on by Jeff Weninger, a state senator:“This bill basically takes the approach that probably 15 other states are considering the same legislation nationwide that allows the treasurer to invest up to 10% into, probably mainly Bitcoin but other things as well,” said State Representative Jeff Weninger on SB1025.SB1025 bill vote final tally.The bill’s passage brings Arizona closer to becoming the first U.S. state to enshrine a strategic crypto reserve into law.A similar bill in New Hampshire has already passed through the House of Representatives in April and is expected to be voted on in the Senate soon. Accordingly, the prospect of digital assets starting to accumulate at a high level in the U.S. is likely, but far from being set in stone.However, Arizona Gov. Kathy Hobbs said April 17 that she intends to veto any bills until lawmakers present “a serious bipartisan financial solution that protects health care for Arizonans with disabilities.” If the relevant bills in this area are passed as scheduled on April 24, the governor could reverse her position and sign SB1025 or SB1373.Local initiatives to create new reserves originate from Trump’s similar proposal at the federal level. In March, the US president signed an executive order creating a strategic crypto reserve. For now, it will include coins already seized by the government, but in the future, the administration plans to purchase bitcoins through so-called budget-neutral strategies that do not involve the use of taxpayer contributions.Wyoming Senator Cynthia Lummis previously proposed that Congress pass a law allowing the U.S. government to buy additional BTC. In that case, the Treasury Department would have to find additional sources of funding to regularly buy new BTC for the reserve.Get Started on Kraken