Arizona Senator Plans Bitcoin Reserve Bill Reintroduction After Governor Veto
1min read Arizona State Senator Wendy rogers has announced her intention to reintroduce the Strategic Bitcoin Reserve (SBR) bill during the next legislative session. This decision follows Governor Katie Hobbs' veto of the initial bill, which would have authorized the state treasurer to allocate a portion of Arizona’s retirement funds to Bitcoin. The veto marks the first instance of a sitting US governor formally blocking a crypto initiative.
Senator Rogers expressed her disappointment with the governor's decision, emphasizing that Bitcoin is a proven financial innovation rather than a fringe idea. She stated, “Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin. I will refile my bill next session.” The SBR bill, officially known as Senate Bill 1025, had passed both chambers of the state legislature without amendments before being vetoed by Governor Hobbs, who cited the risks associated with digital currencies for long-term savings.
Despite the governor's opposition, Senator Rogers remains resolute. She suggested that a future governor might support the proposal if Hobbs vetoes the refiled bill during the next session. Rogers mentioned, “If she vetoes it again, I am sure Governor Andy Biggs will be happy to take credit for signing the bill for this already proven (16 years!) innovation that will protect our wealth.”
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Interestingly, data from Bitcoin Laws founder Julian Fahrer indicates that the Arizona State Retirement System (ASRS) already has indirect exposure to Bitcoin through holdings in Strategy, the largest corporate holder of the top crypto. This indirect exposure highlights the growing integration of Bitcoin into traditional financial systems, even in the absence of direct legislative support.
Although SB1025 is currently off the table, Arizona's involvement in crypto legislation is far from over. Another crypto-related proposal, Senate Bill 1373, is still under consideration. Unlike SB1025, this bill does not involve retirement savings but seeks to allow the state to retain and manage cryptocurrencies obtained through seizures or appropriated assets. The administrative nature of SB1373 might increase its chances of securing Governor Hobbs' approval, given her opposition to SB1025.
Senator Rogers' determination to reintroduce the SBR bill underscores the growing acceptance and recognition of Bitcoin as a viable financial asset. Her efforts reflect a broader trend of increasing interest in cryptocurrencies among policymakers and the public, despite regulatory challenges and uncertainties. The outcome of these legislative efforts will be closely watched, as they could set a precedent for other states considering similar initiatives.
