Arizona Legislature Aims to Establish State Bitcoin Reserve

On Monday, the Arizona state legislature passed two bills that might lead to the establishment of the nation's first state-run Bitcoin reserve.

The outcome of these bills, which imitate what President Donald Trump did on the national level It is now under the control of Governor Katie Hobbs from the Democratic Party.

The pair of bills , led primarily by Republicans and approved mostly along party lines in both the state House and Senate, these measures would enable the state to allocate up to 10% of its public funds into digital assets such as Bitcoin. As per reports, 2023 audit , Arizona manages over $30 billion worth of state-owned assets.

Should Hobbs sign these measures into law, Arizona will become the first state in the country to establish its own cryptocurrency reserve. However, if she chooses to exercise her veto authority over the legislation, the bills would be terminated.

NBC News contacted Hobbs' office to seek her comments on her future approach regarding these bills. However, a representative from her office chose not to comment.

Republican State Senator Wendy Rogers, who introduced one of the bills, believes it would be beneficial for the governor to enact this legislation. She stated, "Cryptocurrency and Bitcoin enjoy significant support across the nation and within Arizona. These technologies are particularly favored by young people and independent voters." Rogers further noted, "I genuinely hope she decides to approve it since doing so could enhance her reputation and allow her to claim credit for supporting these trends."

The approval of these bills in the Arizona state legislature subsequently takes place President Donald Trump’s declaration of a "cryptocurrency strategic reserve" In March. However, Trump announced bothered some cryptocurrency supporters after the president shared on his social networking site The reserve will encompass lesser-known cryptocurrencies aside from Bitcoin that are more susceptible to volatility.

Barrett Marson, a Republican strategist located in Phoenix, mentioned that the Arizona state legislators who belong to the GOP are closely following the lead of the President. "The Arizona Republicans are particularly responsive to whatever actions Trump takes and they consistently find ways to mirror those moves within our state," explained Marson.

Marson is uncertain about whether Governor Hobbs will approve or reject the bills, but he thinks the unpredictable nature of cryptocurrencies probably plays a role. "Governor Hobbs will surely take into account Bitcoin's volatility as she makes her decision on whether to endorse or oppose this initiative," stated Marson.

However, Rogers remains unconcerned. "I am not worried about Bitcoin's volatility since when you look at long-term trends across all charts, it consistently appreciates," he stated, further asserting that Bitcoin serves as an effective hedge against inflation.

She stated, 'I am unable to comment on other cryptocurrencies since they require separate analysis.'

The article was initially posted on Romero.my.id