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Arizona submitted the Bitcoin reserve bill to the governor for final review for the second time. Why is it said that the chances of SB 1373 passing are higher?
Arizona's SB 1373 digital asset reserve bill has been sent to Governor Katie Hobbs, who previously rejected it on the grounds that virtual currencies are unverified, will this time be different? (Synopsis: Flash» Governor of Arizona 'Vetoes Bitcoin Reserve Act': Virtual Currencies Are Unverified Investments... U.S. Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which aims to allow state governments to invest 10% of public funds in virtual currencies, disappointing many supporters who expect Arizona to pioneer in the crypto space, but according to the latest information from the Arizona Senate, the Congress has approved Bitcoin Reserve Act SB 1373 and has sent it to Governor Katie Hobbs conducts the final review. With help, the bill aims to create a fund consisting of parliamentary appropriations and digital assets confiscated by the state, and administered by the state treasurer. Source: www.azleg.gov Differences between SB 1373 and SB 1025 The strategic reserve fund for digital assets planned by SB 1373 stipulates that state treasurers are required to use secure custody or ETFs to deposit digital assets, and that investments in any one fiscal year cannot exceed 10% of the total fund. In addition, lending digital assets to generate yield is allowed, subject to managing risk. In contrast, SB 1025, which Governor Hobbs vetoed over the weekend, has the main goal of investing up to 10% of public funds directly in Bitcoin. In simple terms, SB 1373, which focuses more on the management and custody of confiscated assets than on active investment of public funds, represents a more cautious strategy that may give Governor Katie Hobbs a stronger willingness to approve. Bill Fate and State Movements The final decision on SB 1373 is currently in the hands of Governor Hobbs, and after the previous veto sparked criticism from some Bitcoin advocates as a missed opportunity, Senator Wendy Rogers has said that a similar bill will be introduced again in the future. On the 6th Eastern Time, New Hampshire also took a historic step, officially becoming the first state in the United States to allow bitcoin and other specific digital assets to be included in the "strategic reserve" of the state government. I believe that in the near future, we will see more states gradually take effect of relevant laws. Related reports The United States has entered the era of "fixed investment bitcoin reserves"? North Carolina bill "10% fund to buy BTC", cold wallets are not allowed to sell US poll: only 10% support expanding crypto industry spending, more than half oppose Trump to build bitcoin reserves. Dr. Po Ge Rujun: Taiwan has Ready Bitcoin reserves! Cryptocurrency law "not good is better than not" Coinbase CEO: "Bitcoin standard" will replace gold, G20 will follow up to buy BTC reserves 〈Arizona submitted the Bitcoin Reserve Act to the governor for the second time for final consideration, why is SB 1373 more likely to pass? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".