Arizona Moving To Convert Up to 10% Of Its Treasury To Bitcoin: Legislature Clears Bills Paving Way For Strategic Crypto Reserve

The Arizona House of Representatives greenlit two bills on Monday that could establish a Bitcoin (CRYPTO: BTC) or other cryptocurrency reserves in the state.

What Happened: Senate Bill 1025, called the Arizona Strategic Bitcoin Reserve Act,  secured 31 votes in favor and 25 against. The legislation proposed allocating up to 10% of the state treasury and retirement system funds to be allocated in digital currencies, especially Bitcoin.

Additionally, SB1373, which proposes the establishment of a state-level digital assets reserve, was passed with 37 votes in favor and 19 against.

The bills now proceed toward Governor Katie Hobbs’ desk for approval

See Also: Bitcoin, Ethereum, XRP, Dogecoin Hold Firm After Last Week’s Rally: What’s Next

Why It Matters: With these approvals, Arizona is now closer than any other state to having a law that establishes a cryptocurrency or Bitcoin strategic reserve, according to Bitcoin Laws.

The move by Arizona’s lawmakers aligns with a broader trend of increasing interest in cryptocurrencies at the state level, spurred by the establishment of a Bitcoin reserve at the federal level earlier in the year by President Donald Trump.

The federal government will fund the stockpile with Bitcoin recovered through criminal or civil asset forfeiture processes. Additional Bitcoin will be acquired through “budget-neutral strategies.”

Price Action: At the time of writing, Bitcoin was exchanging hands at $94,441.55, up 0.36% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: creativeneko on Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.