Another Important Step for Bitcoin Reserve in the USA: Passed by the Parliament! - Coin Bulletin

The state of Arizona has taken an important step to establish a strategic reserve fund consisting of Bitcoin (BTC) and other cryptoassets.

The SB 1373 bill prepared for the strategic reserve use of digital assets in the state of Arizona has been approved in the House of Representatives committee. After a third reading and a vote in the general assembly, the bill will be presented for the governor's signature. If the law comes into effect, cryptoassets seized by the state administration and funds allocated from the state budget can be used as a strategic digital reserve.

The bill allows the state treasury to store these assets through authorized custodial services or exchange-traded products (ETP). In addition, it is stated that digital assets within the fund can be lent to provide additional returns, but the treasury can invest no more than 10 percent of the total amount in the fund each fiscal year.

On the other hand, there is a significant obstacle that Arizona must overcome to implement its crypto reserve plans. Arizona Governor Katie Hobbs has stated that she will veto all laws that come before her until the state legislature approves funding provisions for the disabled. This situation could jeopardize the future of the state's crypto laws, including the strategic reserve bill.

Many states are working on cryptoassets regulations besides Arizona. According to the data from Bitcoin Laws, which follows Bitcoin regulations, Arizona is currently the state that has made the most progress in digital reserves. Following Arizona are Texas and New Hampshire.

Additionally, in recent months, the Arizona Strategic Bitcoin Reserve Act has also passed through the legislature, allowing the state budget to invest up to 10% in cryptoassets.