Arizona Goes Full Crypto: State Lawmakers Greenlight Pro-Bitcoin Legislation
Arizona makes its move—state legislators just passed twin bills embracing Bitcoin and cryptocurrencies. No more waiting for DC to get its act together.
What’s in the bills? Tax breaks for mining ops, clearer regulatory sandboxes, and a nod to crypto as legal tender for state fees. Take that, legacy finance.
The kicker? One clause lets agencies hold BTC on their balance sheets. Because nothing says ’trust the system’ like bureaucrats HODLing through volatility.
Wall Street won’t like this. Arizona just cut the middleman out of its own financial future—no banks required.
SB1373: Digital Assets Strategic Reserve Fund
SB1373, meanwhile, establishes a fund to hold "monies appropriated by the legislature and digital assets that are seized by this state," including those obtained through criminal proceedings.
For SB 1373, funds allocated from a legislative appropriation do not automatically expire or "lapse" at the end of the fiscal year, as Arizona law typically requires.
The fund may hold digital assets, such as Bitcoin, stablecoins, and NFTs, which the State Treasurer would manage through approved custody solutions.
Funding priorities
If the two bills are approved, Arizona could be the first state to fully integrate crypto into its finances, following similar proposals from other states.
The bills still need the governor’s approval, which has been at risk because of previous budget negotiations and partisan tensions.
"Any bill not already on my desk will be vetoed," Governor Hobbs warned on X earlier this month, citing how "extreme Republican legislators” are holding funding for constituents with disabilities "hostage to their political theater."
While a budget dispute appeared to have been resolved last Friday, Hobbs has not made any official statement concerning SB1025 and SB1373.
Arizona’s press office did not immediately return Decrypt’s request for comments.
Edited by Sebastian Sinclair
