web3.0Arizona, the United States, has submitted a Bitcoin reserve bill for the governor to review! Can it be passed this time?Arizona, the United States, has submitted a Bitcoin reserve bill for the governor to review! Can it be passed this time?
However, according to the latest information of the Arizona Senate, the parliament has approved the Bitcoin Reserves Act SB1373 and has been sent to Gov. Katie Hobbs for final review. It is stated that the bill aims to establish a fund composed of parliamentary grants and digital assets seized by the state and is managed by the state’s treasurer.
Difference between SB1373 and the previous veto bill SB1025
The SB1373 Act plans a strategic reserve fund for digital assets, which stipulates that state treasurers must use secure custody or ETFs to deposit digital assets, and the investment in any fiscal year shall not exceed 10% of the total fund. In addition, lending of digital assets is allowed to generate returns, but risk is required.
By contrast, Gov. Hobbs rejected SB1025 last weekend, the main goal is to invest up to 10% of public funds directly in Bitcoin. Simply put, SB1373 focuses more on the management and custody of confiscated assets rather than the active investment of public funds, reflecting a more cautious strategy that may make Governor Katie Hobbs's willingness to approve.
The fate of the bill and the trends of the states
Currently, the final decision of SB1373 is in the hands of Governor Hobbs. After the previous veto sparked criticism from some Bitcoin advocates, Senator Wendy Rogers has stated that he will propose a similar bill again in the future.
On the 6th Eastern Time, New Hampshire also took a significant historical step, officially becoming the first state in the United States to allow Bitcoin and other specific digital assets to be included in the state government's "strategic reserves". I believe that in the near future, we will see more states gradually taking effect on relevant laws.
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