Oklahoma retires while Arizona advances in the race for a bitcoin reserve
By Hannah Pérez
After Oklahoma legislators voted against a bill, Arizona took a firm step towards a Bitcoin reserve with a full approval of the Chamber. Another reading is still missing and the governor’s signature.
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- Oklahoma voted against a bitcoin reserve, but Arizona advanced.
- Arizona becomes the state of the US.
- There is still a third reading of the bill in the Chamber, and the governor’s signature.
- Meanwhile, Oklahoma joins 5 other states that reject this vision.
The debate to create state reservations of Bitcoin In the United States it is still valid, with some states advancing in legislative efforts and others starting completely.
The state of Arizona has been the last to anticipate in the race after the Committee of the State Representatives Chamber approved on Thursday a project that proposes the establishment of a cryptocurrency reserve in that jurisdiction.
The members of the Plenary Committee of the Arizona Chamber voted in a session in favor of the approval of the bill “SB 1373”, which would create a strategic reserve fund of digital assets, including Bitcoin, Altcoins and Stablecoins.
The bill indicates that the state treasurer would be allowed to deposit cryptocurrency seized by the authorities in the background through a qualified custody solution or a bottom quoted in the stock market (ETF) recorded by the State, as reported The Block. It also indicates that the treasurer can provide digital assets from the fund to obtain additional yields.
“The state treasurer cannot invest more than ten percent of the total amount of money deposited in the fund in a certain fiscal year“, Says the bill.
Arizona takes the lead in the US.
Thursday’s approval makes Arizona the most advanced state in the approval of reserve legislation Bitcoinfollowed by Texas and New Hampshire one step further back, according to the site Bitcoin Laws.
The State also has a second project of separate law for this same purpose, called the Bitcoin Strategic Reserve Law of Arizona (“SB 1025“). That proposal also received approval in the Chamber at the beginning of April, and if promulgated, it would allow state funds to invest up to 10% in “virtual currency holdings”.
Arizona’s “SB 1373” now expects a third reading and a vote on the full floor of the camera before reaching the governor’s desk for final approval.
However, the road to its official promulgation could now be rocky now that the governor Katie Hobbs ha fiance veto all bills until the Legislature approves a measure of disability, as detail by the report.
Oklahoma rules out a bitcoin reserve
Meanwhile, other states have decided to rule out the idea of a state reserve of Bitcoin. Earlier this week, Oklahoma officially left the race after a key bill was rejected in the state Senate.
On Tuesday, the legislators of the Tax and Income Committee of the Senate of Oklahoma voted mostly against the legislative proposal “HB1203” of the House of Representatives, also known as the strategic Law of Bitcoin Reserve.
The proposal was aimed at authorizing the state treasurer to invest in Bitcoin from public funds. The legislation detailed that the State could assign Up to 10% of public funds to digital assets with a market capitalization exceeding USD $ 500 billion, a requirement that currently only Bitcoin complies.
The recent failure of the project occurs despite the previous impulse of the State Representatives Chamber Committee, which in March had approved the legislation with a decisive vote of 77-15. In a previous vote in February he had obtained 12 in favor and only 2 against.
Oklahoma now joins states such as Montana, South Dakota, Wyoming, North Dakota and Pennsylvania, where similar efforts have also stagnated or failed.
In North Carolina, on the other hand, there was a new effort this week, after the bill “HB 92” on a reserve of Bitcoin It was approved on April 16 by the Pensions and Retirement Committee of the House of Representatives in a first advance. That project must still go through three committees before a full vote.
Hannah Estefanía Pérez / Diariobitcoin
Image generated with AI tool, under free use license
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