Hurry past the federal government! Arizona's Bitcoin reserve plan just needs the governor's final approval.

Original Title: Will Arizona Become the First State to Join Feds in Planning a Bitcoin Reserve?

Original author: Jesse Hamilton

Source text:

Compiled by: Daisy, Mars Finance

Will Arizona become the first state to build a Bitcoin reserve in collaboration with the federal government?

Arizona legislators recently approved a plan to establish a digital asset reserve, but it still faces the potential veto of the Democratic governor.

The state legislature voted largely along party lines to advance a bill to establish a virtual asset reserve, which passed in both chambers. Several other states are also advancing similar bills this year, but no state has yet completed the legislative process.

This matter now depends on the approval of Arizona Governor Katie Hobbs. She recently stated that she would veto all legislation until the issue of special funding for people with disabilities is resolved—but last week she signed the relevant bill. In the race among U.S. states to incorporate cryptocurrency reserves into their fiscal strategies, Arizona has made significant progress with legislation primarily supported by Republican lawmakers.

It is currently unclear whether Democratic Governor Hobbs will support this bill, which is opposed by the majority of Democratic legislators. During this legislative session, she has vetoed a large number of proposals, and if she exercises her veto power again this time, the issue will not be able to advance this year.

If the bill is approved, Arizona’s action to incorporate digital assets into public funding investments could even be faster than the progress of the U.S. Treasury - federal officials still need to complete a comprehensive accounting of U.S. held assets in order to establish reserves as requested by former President Donald Trump.

With the Arizona House passing the cryptocurrency reserve proposal on Monday by a vote of 31-25 (including support from 3 Democratic lawmakers), the state has surpassed competitors considering similar measures, including New Hampshire (where a related bill has passed the state House).

But Hobbes continues to have budget disputes with Republican lawmakers.

“Any new bill submitted to my desk will be vetoed until a truly bipartisan budget plan is reached and healthcare coverage for disabled individuals in Arizona is ensured,” the governor stated in a post on social media X on April 17. With her signing of the disability funding bill last week, this prerequisite may have been met.