Arizona Sen. Wendy Rogers said he will reclaim the Strategic Bitcoin Reserve (SBR) bill proposed at the upcoming legislative meeting.
This comes after Gov. Katie Hobbs rejected the first bill and then marked the US governor when he sat officially blocked such a crypto initiative.
Senator Rogers shared her plans over the weekend and expressed disappointment at the decision. She argued that Bitcoin is no longer a fringe idea, but a tested financial innovation.
She said:
“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin. We’ll refill the next session to your bill.”
The SBR bill, officially known as Senate Bill 1025, allowed state accounts to allocate a portion of Arizona’s retirement fund to Bitcoin.
The bill passed both meeting rooms in the state legislature without changing, but was rejected by Gov. Hobbs, who labeled the digital currency as “untested.”
Nonetheless, Rogers appears unshakable to the governor’s opposition to her Bitcoin Reserve bill. The future governor says that if Hobbs rejects the bill that was reburied in the next session, he may support the proposal.
She said:
“If she refuses that again, I am sure Gov. Andy Biggs will be happy to be praised for signing the bill for this proven (16 years!) innovation that protects our wealth.”
Interestingly, data shared by Julian Farrer, the founder of the Bitcoin Act, shows that the Arizona Retirement System (ASRS) already has indirect exposure to Bitcoin through its holdings of its strategy, the largest corporate holder in top crypto.
What’s next in Arizona?
The SB1025 is off the table for now, but Arizona’s involvement in cryptography is not over.
Another cryptography-related proposal, Senate Bill 1373, is still under consideration.
Unlike SB1025, this bill does not involve retirement savings. Instead, they are trying to allow states to retain and manage cryptocurrencies obtained through seizures or allocated assets.
However, given her opposition to SB1025, it is unclear whether the governor will agree to the bill.
Market observers, meanwhile, suggest that SB1373 is likely to secure Governor Hobbs’ approval due to its administrative nature.