Arizona Poised to Become First State to Establish a Bitcoin Reserve
A recent legislative approval in Arizona aims for a digital assets stockpile, but it must overcome a potential veto by the state’s Democratic governor.
Key Details:
- Arizona’s legislature has mainly voted along party lines to pass a bill establishing a virtual assets reserve.
- While several states have considered similar proposals this year, none have been finalized yet.
- The bill is now awaiting approval from Governor Katie Hobbs, who has indicated a tendency to veto bills until a funding issue regarding constituents with disabilities is addressed. Last week, she approved a bill related to that.
Arizona is at the forefront of a competition among U.S. states to establish a formal cryptocurrency reserve as part of their financial strategy. The legislation passed with significant support from Republican lawmakers.
The future of the bill remains uncertain as Governor Hobbs, a Democrat, has previously vetoed numerous bills during this session. If she decides to veto this one too, the discussion will be closed for the year.
If approved, the inclusion of digital assets in Arizona’s public-fund investments could surpass the U.S. Treasury Department’s efforts to address the establishment of a reserve that President Donald Trump has advocated for.
The Arizona House of Representatives backed the crypto reserve bill with a vote of 31-25, with three Democrats supporting it. Despite this, Hobbs has been in conflict over budget issues with Republican lawmakers.
“Any bill not already on my desk will be vetoed until we have a serious, bipartisan funding solution that protects health care for Arizonans with disabilities,” the governor remarked in an April 17 statement on social media.
This matter might have been alleviated with her signature on a relevant disabilities-funding bill last week.
