Arizona Just Voted to Put Bitcoin in Its Treasury—Here’s What’s Next

Arizona’s House of Representatives has approved a proposal that could reshape how the state manages public funds. Lawmakers passed Senate Bill 1025 by a close 31-25 vote, allowing the state treasurer to invest up to 10 percent of state funds into Bitcoin and other digital assets.

The bill, introduced to diversify Arizona’s financial reserves, reflects a growing trend among U.S. states exploring digital currency strategies. Representative Jeff Weninger, a key supporter, stated that the bill aligns with similar efforts underway in over 15 states.

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Senate Bill 1373 received stronger support during its passage in the House, with 37 representatives voting in favor and 19 opposed. Under Senate Bill 1373, the state treasurer receives authority to establish a dedicated fund that receives digital assets acquired in criminal investigations.

The dual legislation marks a major transformation of Arizona’s treasury management methods. Supporters of these legislative measures believe they represent a chance to modernize financial systems while promoting novel defenses against economic inflation.

Crypto Treasury Plans Now Face Political Roadblock

The bills have now reached Governor Katie Hobbs, but their future is uncertain. She has pledged to veto all legislation until lawmakers reach a deal on the state budget. A $122 million shortfall tied to the Division of Developmental Disabilities has stalled progress in recent weeks.

Hobbs issued 15 vetoes during this session, making her the most frequent vetoing Governor in the United States for 2024. Although Hobbs maintains silence on digital asset proposals, her ongoing veto power impacts every piece of pending legislation.

The legislation would transform Arizona into one of the initial states to incorporate Bitcoin in official financial reserves. Budget negotiations will determine if the crypto plans move forward or become indefinitely stalled at the Governor’s office.

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