Yesterday was a historic day at Bitcoiner. Arizona has approved two bills closely related to the creation of state Bitcoin and cryptographic preparations. The SB 1025 and SB 1373 initiatives began legislative courses in January and February, respectively, and progressed gradually until they were near the desk of Governor Katy Hobbs, where they had to determine whether these regulations would come into effect quickly.
With the proposal of SB 1025, Arizona can invest up to 10% of its public funds in Bitcoin. Official data shows that the Arizona Treasury has processed US$32 billion in assets since January 2019 and is also responsible for cash flows for the state budget of US$65 billion. This means that Jurisdiction could invest around US$3 billion in BTC.
The SB 1373 project proposes the creation of a strategic reserve consisting of multiple cryptographic actions. Initially, it is formed by money seized in criminal cases. A few days ago, the initiative received the green light at the House Plenary Committee. This is an example before the final reading and final vote. It is known that state treasurers can invest 10% of the funds confiscated in cryptocurrency in each fiscal year.
Both proposals have reached the end of their legislative path, but there are still important steps. Governor Katie Hobbs’s companyhas accumulated over 200 veto over the past two years. A few weeks ago, officials warned they would block initiatives that arrived at their desks if they were not approved for funding for assistance programs for people with disabilities. Finally, there was an agreement to allocate USD 122 million to this section. This was on the verge of lack of funds.
but, Bitcoiner has not overlooked the broad history of Hobbs’ veto The recent denial of the HB2906 project also sought to expand the scope of regulatory programs, including cryptocurrency companies. This is a proposal that has been in effect in Arizona since 2018, allowing innovative companies to operate under a more flexible legal framework while trying out new products and services.
With this scenario in mind, Bitcoin’s legal team specializes in notifying them about laws related to cryptoactive laws – they have called on citizens to contact the Governor Hobbs office. With the aim of avoiding veto.
The truth is that if the governor decides to stop these efforts, both laws will be blocked. y The states have not been able to invest in Bitcoin or establish strategic cryptographic preparations. The initiative will return to Congress and lawmakers can attempt to cancel the veto, but in this case two thirds of eligible majority on both cameras are required. There are at least 40 votes in the House (60 members) and 20 (30) in the Senate. With SB 1025 approved by the Chamber of Commerce 31-25, and Senate 17-11, and SB 1373 approved by the Chamber of Commerce 37-19, there has been no one to reach the necessary vote to reverse the decision for now. To not achieve that majority, the project was discarded and unapplied.
If Hobbs decides to sign both initiatives, they will take effect immediately. It will open the door to developing an operational framework that ensures transparency and investment security. To do this, the Ministry of Finance must work with cryptocurrency experts to establish internal regulations to implement measures envisaged by the law. These measures have led Arizona to boost the arrival of businesses in the sector, promote innovation and start to set precedents in other states.
According to Bitcoin law, so far, 46 bills have been presented in the US related to the creation of Bitcoin strategic reserves. That total, 39 is still active in 20 states. Texas, Alabama, Florida, Georgia, Ohio and Nuevo Hampshire are among those who still want to approve some of their proposals.
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