By Jerod MacDonald-Evoy | AZ Mirror
Republican measures aimed at bolstering cryptocurrency usage in the state by deeming it “legal tender” and creating a “strategic reserve” moved forward, despite concerns over volatility and the lawmakers connections to the cryptocurrency world.
Those connections to crypto were on full display, and ultimately a source of humor for state representatives as they plowed ahead on embracing cryptocurrencies.
“I hope I’m not advertising here, but now would be a good time to invest in XRP and Bitcoin,” Sen. Mark Finchem, R-Prescott, said as his colleagues on the House Commerce Committee laughed while he testified in support of his legislation, Senate Bill 1373.
That legislation, which is similar to another Republican-backed bill that was heard in committee on Tuesday, is part of a larger GOP push to legitimize cryptocurrency in the Grand Canyon State.
The bills mirror moves by 22 other states that have introduced similar legislation authorizing the state treasurer or state pension funds to invest in cryptocurrency, often dubbed the “Strategic Bitcoin Reserve Act.” The state-level actions come as President Donald Trump, who was backed by crypto investors during the 2024 campaign, has pushed for similar proposals regarding cryptocurrency at the federal level.
