Three American states – Arizona, Kentucky and Oklahoma – have made new legal efforts to support Bitcoin.
During the past day, the legislators introduced or approved accounts in these states to protect crypto-rights, encourage Bitcoin investments and set up the State managed reserves.
The Bitcoin accounts of Arizona reserves
Arizona will continue with two Bitcoin-oriented accounts that the House Rules Committee deleted on 24 March. Bitcoin Laws reported that SB 1373 and SB 1025 Bills are now going to the entire house for a mood.
SB 1373 proposes to create a strategic digital assets reserve that Crypto would seize during criminal investigations.
Arizona State Penning Master could manage the fund and could invest up to 10% of its value every year. The bill also makes it possible to borrow these assets to generate returns as long as the risk levels are checked.
On the other hand, the SB 1025 uses a more targeted approach. It is intended to allow the Arizona Treasury and State Retirement System to invest up to 10% of the available funds in Bitcoin.
Bitcoin laws pointed out that the opportunities that both legislative proposals are high, since Republicans have the majority in the legislative Chamber.
However, the platform noted that the final approval of the bill depends on the Democratic Governor Katie Hobbs, who has ‘a notorious reputation for the veto of Republican legislation’.
Bitcoin -Laws noted:
“Hobbs Veto has on ~ 22% of all accounts in 2024. The highest percentage in the nation.”
Kentucky provides protection for Bitcoin users
At the same time, Kentucky has taken an important step by signing Huis Bill 701 in the law.
On March 24, Governor Andy Beshear approved the bill that gives residents strong legal protection when using or keeping digital assets.
Satoshi Act Fund reported that the law confirms the right to spend Bitcoin himself, to perform nodes and use it crypto without fear of discrimination. It also prevents local authorities from introducing laws that incorrectly limit mining activities.
Furthermore, the legislation states that mining and deployments are not eligible if effects and are not subject to licenses for money channels.
The bill has adopted the house and the senate with unanimous support response 91-0 and 37-0.
The Bitcoin Investment Bill from Oklahoma
On March 24, Bitcoin Laws reported that the legislators of Oklahoma House Bill 1203 approved with a voice of 77-15.
The bill would enable the treasurer to invest public funds in Bitcoin and Stablecoins with a market capitalization of at least $ 500 billion. Based on data from CryptoSlateOnly Bitcoin meets that threshold, with a market capitalization almost $ 1.7 trillion.
HB 1203 will now go to the Senate of Oklahoma for further consideration after the approval.
Bitcoin laws pointed out that the bill has a strong chance of becoming a law because of the Republican leadership in both the Senate and the office of the governor.
If it is hired, Oklahoma would participate in a growing list of American states that would take formal steps to integrate Bitcoin into strategies for public finances.