2 BTC Bills, Passing Through Senate and Rules Committee to House Plenary Session
Effective After Governor's Signature if House Passes - "Key Point is Governor's Signature"
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Bills SB1373 and SB1025, which propose Bitcoin acquisition by the state government, passed through the House Rules Committee on the 24th and moved to the House plenary session.
SB1373 and SB1025 propose Bitcoin acquisition by the state government through seized assets and pension funds, and both bills passed the Senate a month ago.
SB1373 includes a provision to establish seized digital assets as strategic reserves through criminal proceedings. SB1025 includes a provision allowing the Arizona Treasury and state pension system to invest up to 10% of available funds in Bitcoin.
The market believes Arizona will be the first state to acquire Bitcoin at the government level, given that the majority in the Arizona House are Republicans. The US Republican Party, led by former President Trump, has been implementing cryptocurrency-friendly policies.
The final hurdle for Arizona's Bitcoin acquisition is considered to be the Arizona Governor. Katie Hobbs has previously exercised veto power on cryptocurrency-related bills passed by the House, and her bill veto rate is about 22%, the highest among US governors.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
