Arizona pushes on with cryptocurrency investments, because two Bitcoin disruptions have adopted the Senate, so that the stage has been set for definitive approval in the house of representatives of the state. While states such as Wyoming and Montana reject comparable measures about worries about the volatility of crypto, Arizona doubles digital assets.
An important step in the direction of Crypto reserves
The Senate of Arizona approved The Strategic Digital Assets Reserve Bill (SB 1373) on 27 February with a vote of 17-12, which moves it to the house for consideration. Sponsored by the Republican Senator Mark Finchem, the bill would set up a digital assets strategic reserve fund that is managed by the treasurer of the state. The fund would include money that is seized by the State by the legislative power and crypto assets.
To limit the risk, the treasurer would be limited to invest more than 10% of the total fund deposits per financial year. However, digital assets of the fund can be borrowed to generate returns as long as it does not form extra financial risks for the state.
A second crypto -bill is gaining strength
In addition to SB 1373, another Bitcoin-oriented account is moving forward. The Strategic Bitcoin Reserve Act (SB 1025), partly sponsored by the Republican Senator Wendy Rogers and representative Jeff Weninger, also passed the Senate with a vote of 17-11.
In contrast to Finchem’s Bill, who focuses on the management of confiscated digital assets, SB 1025 grants investment authority for public funds to assign capital to cryptocurrencies.
Dennis Porter, founder of Satoshi Action Fund, weighed In the wider trend, which states that legislation at the federal level is inevitable, which predicts that Stablecoins, market structure and Bitcoin reserves will be tackled in that order.
Crypto investment accounts are confronted with mixed crypto reactions
Arizona and Utah are at the forefront of pushing Crypto reserves, while 18 other states are still waiting for approval. But not everyone is on board – Montana, Wyoming and a few others have rejected the idea and say that Bitcoin is too risky.
Although Trump supports crypto, Bitcoin himself struggles and crashes under $ 80k with fears, it could fall even further to $ 70k – $ 75k. It fell by 17% this week and Trump’s rate policy makes it worse.
Midnacles in the middle of the panic, Michael Saylor Krap told Investors to “sell a kidney if you have to, but keep the bitcoin.” Although he insists on an American Bitcoin reserve, the recent price drop has only made skeptics more doubtful about the future of Bitcoin.
Credit : coinpedia.org
