Katie Hobbs, governor of Arizona. Photo: Caitlin O'Hara/Getty Images
Republicans in the Arizona legislature have sent its Democratic governor two bills that would establish strategic bitcoin reserves.
Why it matters: The bills imitate moves made by President Trump in establishing reserves at the federal level.
What we're watching: Whether or not Gov. Katie Hobbs signs them. Her office has not replied to Axios.
How it works: One bill authorizes state funds to allocate part of what they hold, up to 10%, to virtual currencies. That includes state retirement funds, if their administrators choose to do so.
Another bill authorizes the state to hold onto virtual currency seized by law enforcement. It also authorizes the state treasurer to lend out holdings to increase yield.
The big picture: Lots of states have made noises about creating digital asset reserves this year, but none of them have crossed the finish line yet.
A couple others have made some progress. For example, Oklahoma and New Hampshire have passed bills out of their respective houses.
