Arizona Nears Historic Move to Hold Bitcoin in State Treasury Amid Governor’s Veto Threat
Arizona is on the verge of becoming the first U.S. state to include Bitcoin and other digital assets in its treasury, following the approval of Senate Bill 1373 by the House Committee of the Whole. However, the groundbreaking proposal faces potential opposition from the governor, who has hinted at a veto. The bill, dubbed the Digital Assets Strategic Reserve Fund, aims to establish a state-managed fund for seized and legislatively appropriated cryptocurrencies, marking a significant step toward institutional crypto adoption.
Arizona Edges Closer to Crypto Treasury, Governor Threatens Veto
Arizona is one step away from becoming the first US state to hold Bitcoin and other digital assets in its treasury. Senate Bill 1373, known as the Digital Assets Strategic Reserve Fund, was approved by the House Committee of the Whole on April 17 and awaits a final floor vote. The bill proposes creating a fund managed by the state treasurer, comprising digital assets seized by the state and funds appropriated by the legislature. The treasurer would be authorized to invest up to 10% of the fund annually in digital assets, including Bitcoin, and to lend these assets to generate additional returns, provided it doesn’t increase financial risk. However, a political standoff with Governor Katie Hobbs threatens to derail the effort before it reaches her desk.
The dropout who dared: How Strike is rewiring global money
Rizzo, the Bitcoin Historian, returns with the story of Jack Mallers, one of the younger Bitcoin legends. Jack, known for his eloquent defense of Bitcoin in interviews, had a long road to success. Before founding Strike, he worked on several Bitcoin startups that didn’t quite work out. However, his persistence paid off when he helped an entire nation adopt a Bitcoin standard. Not many can say their parents got them involved in Bitcoin, but Jack can. His father, William Mallers Jr., was a former Chicago Board of Trade chair.
Bitcoin Shows Bullish Signs, But Low Volume Raises Caution
Scott Melker, known as The Wolf Of All Streets, noted that Bitcoin (BTC) closed above the 50-day simple moving average on April 18th with a strong candle. Despite the price correcting to $84,349, it remained above the 50-day SMA level of $84,202. This action signaled a notable technical development, especially as the moving average began to curve upward again. However, low volume suggested that big traders were still cautious about the market’s direction.
Trump Threatens to Fire Fed Chair: Potential Impact on Bitcoin and US Economy
President Trump has threatened to fire Fed Chair Jerome Powell, a move with no precedent in modern U.S. history. Analysts predict that such a move would likely throw the American political system into turmoil and cause traditional assets like bonds and the dollar to plummet. However, this development could also bolster the value proposition of alternative assets like Bitcoin. Trump has been unsuccessfully lobbying Powell to lower interest rates for weeks, stating that the Fed chair’s termination ’cannot come fast enough.’
CoinDesk Weekly Recap Highlights Crypto Developments
This week in crypto was relatively quiet with Bitcoin remaining stable around $84k. The CoinDesk 20 was up about 4% in the last seven days. AWS tech issue caused much of crypto to go offline, highlighting decentralization concerns. EigenLayer rolled out a new slashing feature for security. Mantra, a project focused on real-world assets, lost 90% of its value. Bitcoin and other major cryptos slipped on bad news for Nvidia.
