The Arizona Senate is moving forward with the Bitcoin Reserve bill, placing second behind Utah in the US interstate competition to approve the crypto investment bill.
The Arizona Senate passed the Strategic Digital Asset Reservation Bill (SB 1373) in its third reading on February 27, with 17 votes and 12 votes against 12 people. I'm now heading to the state house.
The bill, sponsored by Republican Sen. Mark Finchem, will create a government-controlled “Digital Asset Strategic Reserve Fund,” consisting of money seized by the state and code-based money.
Treasurer cannot invest more than 10% of total fund deposits in a fiscal year, but can lend digital assets from the fund to generate returns if it does not increase the financial risk to the state.
“[Whether] Whether you like it or not, the law occurs at the federal level in this order: stablecoins, market structure, strategic bitcoins reserves.”
Arizona will advance to the strategic reserve race. sauce: Bitcoin Act
Another Bitcoin Reserve bill has also passed through the Arizona Senate. The Strategic Bitcoin Reserve Act (SB 1025), co-hosted by Republican Senators Wendy Rogers and Jeff Weening, passed the Senate's third reading on February 27, opposing 17 votes and 11 people.
The bill sponsored by Rogers and Weining Officers focuses on the Investment Bureau of Public Funds investing in Crypto assets, while the bill sponsored by Finchem establishes a specialized fund for seized digital assets and allocated funds.
Related: Michigan will be the latest state to propose a crypto spare bill
There are currently 18 US states with a code spare bill pending Senate votes, but two Arizona and Utah are in the final stages of the approval process.
The state's crypto investment bills have been rejected in Montana, Wyoming, North Dakota, South Dakota and Pennsylvania.
The status of the cryptographic protected invoice. sauce: Bitcoin Reserve Monitor
The Bitcoin Reserve proposal has gained support across the US thanks to President Donald Trump's procrypt policy.
Meanwhile, Bitcoin has taken 17% in the last seven days as it struggles to maintain its profits due to economic uncertainty over Trump's drastic tariffs.
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