Arizona Senate endorses legislation establishing Bitcoin reserves
Two bills, SB1025 and SB1373, have been passed by Arizona lawmakers, allowing the state to invest in Bitcoin and other cryptocurrencies. However, the Democratic governor, Katie Hobbs, might not be sympathetic to the legislative proposals due to the controversial backgrounds of the bill's architects, Senator Wendy Rogers and Mark Finchem.
The bills create funds that can accept various types of cryptocurrencies. SB1373, proposed by Senator Rogers, creates a "Strategic Digital Asset Reserve" that can be filled with seized digital assets, government-allocated funds, and stablecoins. This reserve can grow by up to 10% per year and allows lending digital assets to generate additional revenue. On the other hand, SB1025, proposed by Mark Finchem, creates a "Strategic Bitcoin Reserve" that can invest up to 10% of public funds in virtual currencies, which are digital representations of value not tied to fiat currency.
Senator Wendy Rogers is associated with the right wing of the Republicans and has ties to the Oath Keepers, a militia involved in the attack on the Capitol on January 6, 2021. She has also been accused of spreading nationalism, antisemitism, and conspiracy theories. Similarly, Mark Finchem, the architect of SB1373, is also considered part of the far-right wing of the Republicans and has ties to the Oath Keepers. He, too, has been accused of spreading conspiracy theories.
Both bills include provisions for regular audits and a recovery protocol for disasters. SB1373 also includes provisions for the State Treasurer to manage the Strategic Digital Asset Reserve and for the creation of a Cryptocurrency Advisory Council to provide advice on digital asset investments.
Governor Katie Hobbs has the power to choose which bill to sign into law, and the law will only take effect once she has signed it. In the past, she has vetoed numerous bill drafts, but she has also signed a law protecting Bitcoin miners from regulatory discrimination.
The passage of these bills marks a significant step towards the adoption of cryptocurrencies by the state of Arizona. However, the future of these bills remains uncertain, as Governor Hobbs has yet to sign them into law.
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