Arizona's SB 1373 Bitcoin Reserve Bill Nears Final Vote, Faces Veto Threat from Governor Hobbs

Arizona's Senate Bill 1373, known as the Digital Assets Strategic Reserve, has passed the House Committee of the Whole and is now awaiting a final floor vote. If approved, it would establish the first state-level Bitcoin reserve in the U.S., funded by legislative appropriations and seized digital assets.

The bill, SB 1373, allows the state Treasurer to lend assets from the reserve to generate returns. However, Governor Katie Hobbs has indicated she will veto any bills not already on her desk until a bipartisan agreement on funding for Arizonans with disabilities is reached.

Arizona's move comes amidst a broader race among U.S. states to create Bitcoin reserves, with 39 similar bills currently under consideration across 20 states. Notably, Oklahoma's Strategic Bitcoin Reserve Act recently failed in a Senate vote, joining other states where similar efforts have not succeeded.

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