Arizona passes Bitcoin Reserves Act, awaiting final approval by governor On April 28, the Arizona Legislature passed a Bitcoin Reserve Act, which is the first such bill in the United States! However, Gov. Katie Hobbs is still considering whether to approve it, because the state budget has not been settled yet. She previously said that all new bills would be put on hold first, so the fate of this Bitcoin bill is still uncertain. Recently, both houses in Arizona passed the bill with little partisanship. The bill was proposed by Republican Senator Wendy Rogers, allowing the state Treasury Department to use some public funds to invest in Bitcoin. When voting, everyone was very motivated, no one was absent from both votes. Finally, the House of Representatives voted 29, 25 votes against, and the Senate passed 31, 25 votes against. But four members of the Senate did not vote. Those who support this bill feel that Bitcoin reserves can help Arizona diversify assets, hedge inflation, and allow states to take the lead in digital financial innovation. They say that the fixed supply and decentralized nature of Bitcoin have more advantages than traditional fiat currencies, especially when people are worried about national debt and currency depreciation. However, some people are worried that the price of Bitcoin will fluctuate too much, which will bring risks to state funds. Some people also feel that the federal government does not regulate cryptocurrencies enough, and question whether it is appropriate to invest in such speculative assets by public funds. The bill also says that Bitcoin investment will be counted as the digital currency holdings in the state’s portfolio and will be subject to the supervision of existing public fund management regulations in Arizona. This shows that the state government is still optimistic but cautious about Bitcoin investment. In the context of exploring the public fiscal role of digital assets, although other states have also explored measures related to cryptocurrencies, Arizona is the first state to pass a bill to establish Bitcoin reserves. Now, once Gov. Hobbs signs and passes the bill, Arizona will become the first state in the United States to officially incorporate Bitcoin into its fiscal strategy. What do you think? Do you think Arizona governors will approve this Bitcoin reserve bill? #Arizona #Bitcoin Act #Digital Financial Innovation