Senate in Arizona authorizes Bitcoin reserves
In a move that could shake up the financial landscape of Arizona, lawmakers have passed two bills (SB1025 and SB1373) that allow the state to invest in Bitcoin and other cryptocurrencies. However, the controversial associations of some of the bill's proponents may pose challenges in getting these bills signed into law.
The person who introduced the bill package, SB1025, allowing the state of Arizona to invest in Bitcoin and other cryptocurrencies is Arizona Representative Jeff Weninger. On the other hand, SB1373, which introduces a "Strategic Digital Asset Reserve", was drafted by Mark Finchem, a member of the far-right wing of the Republicans, who has a history of spreading conspiracy theories.
Senator Wendy Rogers, who introduced SB1025, is also associated with the far-right wing of the Republicans and has been accused of spreading nationalism, antisemitism, and conspiracy theories. Moreover, she has ties to the Oath Keepers, a militia involved in the attack on the Capitol on January 6, 2021. Senator Rogers' bill, SB1025, appears more aggressive, suggesting opening state coffers and pension funds to buy Bitcoins or other cryptocurrencies.
SB1373, on the other hand, is more comprehensive and detailed, outlining the reserve's operations more precisely, defining terms more comprehensively, and integrating stablecoins. The Strategic Digital Asset Reserve would grow by up to 10% annually, with the State Treasurer having the authority to lend digital assets to generate additional revenue. Seized cryptocurrencies would be held by a qualified custodian or purchased in the form of an ETF and managed by the State Treasurer.
Both bills create funds that would accept any type of cryptocurrency, including Bitcoins, stablecoins, NFTs, and various cryptocurrencies or tokens. The funds would be used to diversify the state's investment portfolio and potentially generate significant returns.
However, both Senator Wendy Rogers and Mark Finchem may face difficulty gaining sympathy from the Democratic governor, Katie Hobbs, for their legislative proposals due to their controversial associations. Governor Hobbs has the power to choose which bill to sign into law, and the law will only take effect once she signs it.
In conclusion, the passage of these bills marks a significant step in the adoption of cryptocurrencies by state governments. However, the controversial associations of some of the bill's proponents may pose challenges in getting these bills signed into law. The outcome will be closely watched by cryptocurrency enthusiasts and political observers alike.
Read also:
- Show a modicum of decency, truly
- Latest updates for July 31: Introduction of Ather 450S with expanded battery, unveiling of new Tesla dealership, and additional news
- VinFast's debut EV plant in India, Tata Harrier EV distribution starts, next-gen Mahindra Bolero sightings caught on camera
- Tesla-powered residences in Houston create a buyers' frenzy
