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Two crypto reserve bills have passed their third reading in Arizona’s Senate and will head to the state’s House of Representatives.
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Arizona’s Senate has advanced a Bitcoin reserve bill, bringing it to second place behind Utah in a race between US states to get a crypto investment bill approved.
The Arizona Senate passed the Strategic Digital Assets Reserve bill (SB 1373) on its third reading on Feb. 27 with a vote of 17 for and 12 against. It now advances to the state’s House.
The bill, sponsored by Republican Senator Mark Finchem, would create a “Digital Assets Strategic Reserve Fund” administered by the state treasurer that would consist of money appropriated by the legislature and crypto seized by the state.
The treasurer can’t invest more than 10% of the total fund deposits in any fiscal year but may loan digital assets from the fund to generate returns if it doesn’t increase financial risks to the state.
“[Whether] you like it or not, legislation will happen at the federal level in this order: Stablecoins, Market Structure, and Strategic Bitcoin Reserve,” Satoshi Action Fund founder Dennis Porter said in a Feb. 28 X post.
Arizona moves up in the strategic reserve race. Source: Bitcoin Laws
Another Bitcoin reserve bill is also making its way through Arizona’s Senate. The Strategic Bitcoin Reserve Act (SB 1025), co-sponsored by Republican Senator Wendy Rogers and Representative Jeff Weninger, also passed the Senate’s third reading on Feb. 27 with a vote of 17 for and 11 against.
The Rogers and Weninger-sponsored bill focuses on investment authority for public funds to invest in crypto assets, while the Finchem-sponsored bill establishes a specialized fund for seized digital assets and appropriated funds.
Related: Michigan becomes latest state to propose crypto reserve bill
There are currently 18 US states that have crypto reserve bills pending Senate votes, while two — Arizona and Utah — are in the final stages of the approval process.
State crypto investment bills have been rejected in Montana, Wyoming, North Dakota, South Dakota and Pennsylvania.
The status of crypto reserve-related bills. Source: Bitcoin Reserve Monitor
Bitcoin reserve proposals are gaining support across the US thanks to President Donald Trump’s pro-crypto policies.
Bitcoin, meanwhile, has tanked 17% over the past seven days as it struggles to keep gains due to economic uncertainty over Trump’s sweeping incoming tariffs.
Magazine: 3AC-related OX.FUN denies insolvency rumors, Bybit goes to war: Asia Express
This article first appeared at Cointelegraph.com News
