Two legislative creations, carrying the formidable titles of the Arizona Strategic Bitcoin Reserve Act and the Digital Assets Strategic Reserve Fund, have, by means of much debate and—might I say—a considerable degree of eyebrow-raising, managed to glide through both houses of Arizona’s government and now lie trembling upon the Governor’s desk, awaiting either her approving flourish or her most resolute squiggle of rejection.
Senate Bill 1025, sensibly abbreviated for the modern mind’s ease, proposes that up to a tenth—the very decimal embodiment of daring!—of Arizona’s treasured funds might be dispatched into the care of those mysterious things called Bitcoin and its assorted cronies. Senate Bill 1373, not wishing to be left out of the revels, seeks to amass into a state treasure-trove the various suspicious crypto-objects confiscated from enterprising lawbreakers. Clearly, never has larceny been so fashionable!
By advancing both schemes through its chambers, Arizona finds itself in the unprecedented position of being the first state to court cryptocurrency with such evident—and, one suspects, slightly giddy—public affection. The votes, each as dramatic as any assembly in Bath ever witnessed, concluded with divisions of 31-25 and 37-19. The Rules Committee, having strategized (and napped) earlier, gave their assent some weeks prior.
ARIZONA HAS, LIKE LIZZIE BENNET AT THE BALL, OUTSHONE EVERY OTHER STATE—AND FIRST TO THE FINISH LINE OF STRATEGIC BITCOIN RESERVE LEGISLATION!
NOW, ALL EYES TURN TO THE GOVERNOR, WITH BAITED BREATH AND SHAKING FAN.
— Dennis Porter (@Dennis_Porter_) April 28, 2025
Madam Governor’s Dance Card
Those who champion this course—including the indefatigable Representative Jeff Weninger—maintain that such investments are gallant protection from that ever-insidious creature: inflation. Diversification, they say, is the pride and delight of prudent treasurers and a sure sign of progressive refinement. They do neglect to mention whether one ought also to invest in bonnets and ribbons. Priorities.
Yet, Governor Hobbs (whose athletic facility for withholding commitment is distressingly admirable) has made no firm declaration regarding her intentions. Reports intimate she has threatened to rebuff all such enticing invitations—be they about Bitcoin or bonnets—until a dreary and most familiar matter, the state budget dispute, is thoroughly parried.
Should she, with a flick of her wrist, veto the matter, then Arizona’s digital suitors must pine for an entire year, as the subject may not be broached again till the next session—a suspense fit only for Dickens.
“Any bill not already on my desk will be vetoed until we can assemble that rarest of assemblies—a bipartisan and sincere funding agreement that spares not a single Arizonan from proper care,” declared Governor Hobbs on X, rather pointedly, on April 17th. How the hearts tremble at such declarations!
SB 1025 is most particular, stipulating that any Bitcoin acquired must be securely locked away, presumably next to the family silver, awaiting the possible existence of a federal Bitcoin reserve. SB 1373, meanwhile, is ever so enterprising, suggesting that seized crypto-assets should not merely collect dust but might be employed profitably—even, dare we say, lent out—up to that magical tenth of Arizona’s treasury.
WHAT FATES BEFALL ARIZONA’S BITCOIN AMBITIONS?
Both bills languish, unmarried, until Governor Hobbs consents.
Only last week, Hobbs endorsed one digital asset bill—then turned about and rejected its companion. Oh, the drama!
Do not tarry, gentle reader—voice your opinion, and perhaps tip the scales.
— Bitcoin Laws (@Bitcoin_Laws) April 28, 2025
Crypto Machinations: A Society Update
Onlookers trust that Arizona’s crypto drama remains the toast of the nation, its bills having advanced to the very last act. Other states, too, are caught up in the general fever; North Carolina’s Bitcoin Reserve Bill HB 92 has navigated all its committee dances successfully. And, as if California could ever be silent, its own Digital Assets Bill (once the rather unromantic Money Transmission Act) has emerged from committee amid much polite clapping and a few barely-stifled yawns.
Meanwhile, two other Arizona bills tiptoed to the Governor’s desk—one, expanding friendly regulatory sandboxes for crypto, suffered veto (some parties simply cannot catch a break); but another, protecting humble Bitcoin miners from cruel regulatory discrimination, sailed through. The social season in public finance has never been quite so lively! 💃💰🎩
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2025-04-30 10:11