Source: Cointelegraph Original: "{title}"
A cryptocurrency reserve bill in Arizona has passed the House and is just one successful vote away from being submitted for the governor's approval.
The Arizona Strategic Digital Asset Reserve Bill (SB 1373) was approved by the full House committee of 60 representatives on April 17, and the bill will proceed to a third reading and a full House vote.
SB 1373 aims to establish a strategic reserve fund for digital assets, composed of digital assets seized through criminal proceedings, which will be managed by the state treasurer.
The Arizona state treasurer will be allowed to invest up to 10% of the total fund in digital assets in any fiscal year. Without increasing financial risk, the treasurer may also lend fund assets to enhance returns.
However, the already Senate-approved SB 1373 may face obstacles from Governor Katie Hobbs, who recently pledged to veto all bills until the legislature passes a funding bill for individuals with disabilities.
Hobbs has a history of vetoing House bills, having vetoed 15 bills submitted to her desk just this week.
SB 1373 is advancing in the state legislature alongside the Arizona Strategic Bitcoin Reserve Bill (SB 1025), which specifically targets Bitcoin (BTC).
The bill proposes to allow the Arizona Department of Finance and the state pension system to invest up to 10% of available funds in Bitcoin.
SB 1025 also received approval from the Arizona House committee on April 1 and is currently awaiting a full House vote.
Utah passed Bitcoin legislation on March 7, but the core provision for establishing a Bitcoin reserve was removed during the final review.
The Texas Senate passed a Bitcoin reserve bill on March 6, and the New Hampshire House recently passed a similar bill.
Related: Binance CEO: Assisting multiple countries in establishing Bitcoin (BTC) reserves and formulating crypto policies.
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