Arizona Senator Vows to Reintroduce Bitcoin Reserve Bill

By: Isha Das

Arizona State Senator Wendy Rogers, known for her persistent advocacy for Bitcoin, has announced her intention to revisit her Strategic Bitcoin Reserve (SBR) bill in the subsequent legislative session. Despite the initial veto from Governor Katie Hobbs, Rogers is resolute in her belief that Bitcoin's proven track record justifies its inclusion in Arizona's financial landscape.

The vetoed bill, Senate Bill 1025, had previously secured approval from both chambers of the state legislature, aiming to allocate a portion of Arizona's retirement funds to Bitcoin. However, Governor Hobbs expressed concerns about the untested nature of digital currencies, labeling them risky for long-term savings. Rogers remains undeterred, emphasizing Bitcoin’s viability as a financial tool and expressing hope for future gubernatorial support, particularly from figures like Andy Biggs.

Arizona's journey in crypto legislation is ongoing, with another proposal, Senate Bill 1373, still pending. This bill focuses on enabling the state to manage cryptocurrencies obtained through seizures. Market analysts suggest that due to its administrative focus, SB1373 might receive governor approval, contrasting with the financial implications tied to SB1025.

Interestingly, Arizona already has indirect Bitcoin exposure through its Retirement System's investments in companies like MicroStrategy, a major corporate holder of Bitcoin. This nuance highlights the complexity of crypto adoption at a state level, where investment strategies are evolving amidst legislative uncertainties. The ongoing dialogue around these bills suggests significant crypto discourse within Arizona’s political corridors.