Arizona, Bitcoin Investment Allowance Bill Passed House Of Representatives

Bitcoin investment bill has passed the House plenary session and is awaiting the governor's signature. (Source: @Bitcoin_Laws, X)

The Arizona House passed two bills allowing state funds to be invested in Bitcoin and other cryptocurrencies. The bills that passed the final vote are SB1025 and SB1373, proposed by Representative Jeff Weninger and Senator Wendy Rogers, respectively.

SB1025 passed with 31 in favor and 25 against, and SB1373 passed with 37 in favor and 19 against. These bills allow the Arizona Treasury to invest up to 10% of its assets in Bitcoin or other digital assets.

Representative Jeff Weninger explained about SB1025, "About 15 states nationwide are reviewing similar bills," adding, "We will start as a recommendation, but in the long run, it could gradually expand to be Bitcoin-centered."

With this approval, Arizona has become the closest state in the US to recognize Bitcoin or cryptocurrency as a government-level strategic reserve. A similar bill has passed the New Hampshire House and is awaiting a Senate vote, but there is a possibility that Arizona might succeed in institutionalizing it first.

Meanwhile, Governor Katie Hobbs of Arizona stated on the 17th, "I will veto any bill until a bipartisan budget ensuring medical protection for the disabled is prepared." However, with a new budget agreement reached after the 24th, the possibility of the governor signing SB1025 and SB1373 has opened up.