Arizona is one step closer to creating the first-ever state Bitcoin reserve, but it will only be completed if Gov. Katie Hobbs (D-AZ) gives final approval.
The Republican-led state House and Senate passed a pair of bills, Senate Bill 1025 and Senate Bill 1373, which would create a Bitcoin reserve, similar to President Donald Trump‘s initiative at the federal level. The legislation would allow the state to invest up to 10% of its public funds in “virtual currency holdings” such as Bitcoin.
The legislation advanced through final passage on Monday, with the bills being approved largely on partisan lines in the state legislature. Democrats have expressed concerns about the volatility of cryptocurrencies and granting public funds to be invested in such endeavors.
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Hobbs, a Democrat, will
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