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ARIZONA LEGISLATURE PASSES BITCOIN RESERVE BILL, SENDS IT TO GOVERNOR’S DESK: BLOOMBERG GOVERNMENT
▪️The bill, called the Arizona Strategic Bitcoin Reserve Act, was passed on Monday by Arizona’s state legislature, Bloomberg Government reported.
▪️If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in bitcoin.
Lawmakers in Arizona have passed a bill allowing the state treasurer and retirement system to invest up to 10% of available funds in digital assets, specifically bitcoin, sending it to the governor’s desk for approval, according to Bloomberg Government.
The bill, called the Arizona Strategic Bitcoin Reserve Act, passed Monday in the state legislature, Bloomberg Government reported.
“This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets,” according to the bill text’s summary.
The bill’s cosponsors are both Republicans: Sen. Wendy Rogers and Rep. Jeff Weninger. If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in Bitcoin.
Several states, including Iowa, Missouri, and Texas, are weighing whether to establish a strategic bitcoin reserve. At the federal level, President Donald Trump signed an executive order in March establishing a strategic bitcoin reserve and digital asset stockpile.
Some asset managers have weighed in on how much bitcoin investors should hold. BlackRock recommended in December allocating 1% to 2% of a portfolio to bitcoin, according to Business Insider. Fidelity has suggested a slightly higher range, recommending 2% to 5%.
@ Newshounds News™
Source: The Block
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CONGRESS STRUGGLES TO MEET TRUMP’S AUGUST DEADLINE FOR U.S. CRYPTO REGULATION
▪️Congress accelerates efforts to finalize U.S. crypto legislation before President Trump’s August deadline.
▪️Lawmakers push for market structure and stablecoin bills as industry calls for action on DOJ prosecution.
▪️The crypto industry urges intervention from Trump’s Crypto Czar as legal battles over developer accountability heat up.
As lawmakers return to Capitol Hill after a two-week recess, crypto legislation is at the top of their agenda. With just three months left before President Trump’s August deadline, Congress has a lot of work ahead to craft laws that could define the future of digital assets in America.
Eleanor Terrett took to X to give a *spicy* update on everything that’s brewing.
Crypto Legislation: The Countdown Begins
Lawmakers are hard at work to push through two key bills: the market structure and stablecoin regulations. With little time left before the August deadline, there’s not much room for error. And let’s be honest, it was about time.
Last Friday, the House Financial Services Committee scheduled a joint hearing with the House Agriculture Committee for May 6, titled “American Innovation and the Future of Digital Assets.”
It’s clear that Congress is aiming for a forward-thinking approach.But can they pull it off in time? That’s the million-dollar question.
House Financial Services Committee Chairman French Hill (R-AR) shared that a discussion draft of the new legislation is expected soon. This draft is an updated version of last year’s FIT21 market structure bill. Meanwhile, Senate staffers are working on their own version, incorporating elements from both the 2022 Lummis-Gillibrand Responsible Financial Innovation Act and the FIT21 bill.
Industry Leaders Step Up: DOJ, It’s Time to Listen
While Congress scrambles, the crypto industry is raising its voice.
A petition led by the DeFi Education Fund, along with key industry leaders, has been launched urging President Trump’s Crypto and AI Czar, David Sacks, to intervene in the Department of Justice’s prosecution of Tornado Cash co-founder Roman Storm.
The petition argues that developers shouldn’t be criminally liable for how bad actors use their code, especially when they have no control over it. The legal theory behind the prosecution has the potential to seriously impact innovation.
If lawmakers want to ensure the growth of the crypto ecosystem, this issue needs immediate attention.
What’s Next for Crypto?
With Congress hustling to meet the August deadline and the industry pushing for reform, we’re in for a wild few months.
@ Newshounds News™
Source: Coinpedia
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