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Arizona’s Bitcoin Bonanza: Will the Governor Hit the Brakes on This Crypto Train?

BBG News

So, Arizona is strutting its stuff like a peacock in a Bitcoin-themed costume party. On March 24, two bills—Senate Bill 1373 and the Arizona Strategic Bitcoin Reserve Act—waltzed through the Arizona House Rules Committee, positioning the state as the front-runner in the race to hoard government-held Bitcoin like it’s the last slice of pizza at a party. 🍕

According to the ever-watchful Bitcoin Laws on X (formerly Twitter, because who doesn’t love a good rebranding?), the House Rules Committee gave these bills a thumbs up, declaring them “constitutional and in proper form.” I mean, who knew Bitcoin could be so… formal? 🤵

But wait! Enter stage left: Governor Katie Hobbs, the self-proclaimed queen of vetoes. With a track record of vetoing a whopping 22% of all bills in 2024—yes, you heard that right—she’s like the bouncer at the club of legislation, and she’s not letting just anyone in. 🕶️

Now, the Arizona House is a Republican majority, with 33 members to the Democrats’ 27. But with Hobbs’ veto-happy tendencies—73 out of 330 bills in 2024—there’s a palpable tension in the air. Will she block the Bitcoin bonanza? Only time will tell, but I wouldn’t bet my last Bitcoin on it. 💰

SB 1373 proposes a strategic digital assets reserve funded by digital assets seized from criminals. Because nothing says “trust us with your money” like investing in assets that were once owned by people who probably shouldn’t have been allowed near a computer. The state treasurer will oversee this fund, but only invest 10% of its total value each year. It’s like saying, “I’ll only eat one slice of cake, even though I’m staring at the whole thing.” 🎂

Then there’s SB 1025, which is all about Bitcoin investments. This bill would let the Arizona Treasury and the state’s retirement system invest up to 10% of their funds in Bitcoin. And if they ever find a secure federal reserve to store it in, well, that’s just icing on the cake. 🍰

The Strategic Bitcoin Reserve Bill Race

With both bills making their way through the legislative gauntlet, Arizona is leading the charge in what’s being dubbed the “Great Bitcoin Reserve Race.” It’s like the Olympics, but with fewer athletic shorts and more spreadsheets. 📊

But Arizona isn’t alone in this crypto crusade. Oklahoma is hot on its heels, having just passed HB 1203 with a 77–15 vote. “Big Oklahoma update: Bitcoin Reserve Bill HB1203 passes the House, 77-15. OK’s bill now moves into equal second place in the State Reserve Race with Texas’ SB21. Arizona remains in the lead,” Bitcoin Laws chirped. It’s like a high-stakes game of musical chairs, but with Bitcoin instead of chairs. 🎶

Texas is also in the mix, having approved SB 21 with a 25–5 vote. And just when you thought it couldn’t get any more exciting, Democratic Representative Ron Reynolds decided to throw a wrench in the works by introducing a bill to cap the reserve at $250 million. Because who doesn’t love a good plot twist? 📈

Utah is also in the running, having passed SBR legislation through one chamber. It’s like a small club of states that are all trying to outdo each other in the Bitcoin game. “Oklahoma joins Texas, Arizona, and Utah as the only state legislatures to pass Bitcoin Reserve legislation through one chamber,” Bitcoin Laws noted, adding, “Arizona remains in the lead.” It’s like a never-ending episode of a reality show, and I can’t look away. 📺

As of now, Bitcoin is trading at a staggering $86,452. So, if you’re looking for a new investment strategy, maybe consider moving to Arizona. Just don’t forget to pack your sense of humor and a good pair of running shoes—because you might need them if Hobbs decides to veto the whole thing! 🏃‍♂️

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2025-03-25 16:15

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