Arizona State Senator Wendy Rogers is not backing down after Governor Katie Hobbs rejected her proposed Strategic Bitcoin Reserve (SBR) bill. In a bold move, Rogers has announced that she will reintroduce the bill in the next legislative session, emphasizing the importance of embracing Bitcoin as a financial innovation.
Rogers expressed her disappointment with Governor Hobbs’ decision to veto the initial bill, stating that Bitcoin is no longer a fringe concept but a well-established asset. She firmly believes that Arizona can benefit from adopting Bitcoin and plans to take action to make it happen.
The SBR bill, also known as Senate Bill 1025, aimed to authorize the state treasurer to allocate a portion of Arizona’s retirement funds to Bitcoin. Despite passing through both chambers of the state legislature, the bill was ultimately vetoed by Governor Hobbs, who cited concerns about the untested nature and risks associated with digital currencies.
Undeterred by the governor’s opposition, Senator Rogers remains determined to push forward with her Bitcoin reserve bill. She hinted at the possibility of a future governor supporting the proposal if Governor Hobbs continues to veto it in the upcoming session.
Interestingly, data revealed by Bitcoin Laws founder Julian Fahrer indicates that the Arizona State Retirement System (ASRS) already has indirect exposure to Bitcoin through holdings in Strategy, a major corporate holder of the leading cryptocurrency.
Looking ahead, Arizona’s involvement in crypto legislation is not limited to the SBR bill. Another proposal, Senate Bill 1373, is currently under consideration. Unlike SB1025, this bill focuses on allowing the state to retain and manage cryptocurrencies obtained through seizures or appropriated assets.
While the fate of SB1373 remains uncertain, some experts believe that its administrative nature could increase the chances of Governor Hobbs approving it, despite her opposition to SB1025.
As Arizona continues to navigate the complex landscape of crypto regulation, it is clear that Senator Wendy Rogers is committed to advancing the state’s involvement in the digital asset space. With ongoing discussions and proposals in the pipeline, the future of Bitcoin in Arizona remains an intriguing topic to watch.