Senate in Arizona endorses legislation establishing Bitcoin reserves
Arizona Bills Await Governor's Signature, Allowing State to Invest in Cryptocurrencies
Two bills, SB1025 and SB1373, are currently waiting for Governor Katie Hobbs' signature, which would allow the state of Arizona to invest in Bitcoin and other cryptocurrencies. If signed into law, these bills would establish a new approach to managing digital assets for the USA.
SB1025, authored by Senator Wendy Rogers, a known figure in the right wing of the Republicans, defines virtual currencies as digital representations of value that serve as a medium of exchange, unit of account, and store of value, but do not represent the US dollar or any other fiat currency. This bill creates a "Strategic Bitcoin Reserve," limiting investment in virtual currencies to no more than 10% of public funds.
On the other hand, SB1373, introduced by Mark Finchem, another far-right Republican, is more comprehensive. It includes Bitcoins, stablecoins, NFTs, and any other cryptocurrency or token under the definition of digital assets. Seized cryptocurrencies will be held by a qualified custodian or acquired in the form of an ETF and managed by the State Treasurer. The bill also establishes regular audits and a disaster recovery protocol. Furthermore, the reserve created by SB1373 can grow by up to 10% annually, and the State Treasurer is granted the authority to lend digital assets to generate additional revenue.
However, the passage of these bills may face challenges due to the controversial associations and beliefs of their authors. Senator Wendy Rogers has been accused of spreading nationalism, antisemitism, and conspiracy theories, while Mark Finchem, like Senator Rogers, has ties to the Oath Keepers, a militia involved in the attack on the Capitol on January 6, 2021.
As of now, neither SB1025 nor SB1373 have been signed into law by Governor Katie Hobbs. The Democratic governor has not yet made a decision on these bills, and the future of Arizona's potential foray into the world of cryptocurrencies remains uncertain.
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