Latest news with #HouseBill2749
Yahoo
10 hours ago
- Business
- Yahoo
Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote
Arizona moved closer to establishing a bitcoin BTC reserve fund after the state's Senate voted in favor of the bill at its third reading. Arizona's Senate passed House Bill 2324 (HB2324) in a 16-14 vote on Thursday, sending it back to House for a final decision. The legislation would update Arizona's laws on forfeiture, allowing the state to hold abandoned digital assets as unclaimed property. It also creates a "Bitcoin and digital assets reserve fund" to manage the forfeited assets. It follows House Bill 2749 (HB2749), enacted in April, which amended unclaimed property frameworks to integrate digital assets. The bill is distinct from Senate Bill 1025 (SB1025), which proposed using seized funds to invest in BTC. That passed the House 31-25 before being vetoed by Governor Katie Hobbs, who referred to cryptocurrency as an "untested investment." The only state to have completed the legislative process for creating a BTC reserve is New Hampshire. Like Arizona, a bill in Texas is also in its final stages.
Axios
12-05-2025
- Business
- Axios
May 08, 2025
Hello! As I write this, bitcoin looks like it could hit $100,000. 🏛️ State of play: The 220th largest registered holder of Official Trump — representing the last seat at the private dinner with the president — has 5,495 meme coins ($59,510), but only an average holding of 2,716 since April 23 (the metric that counts). 1 big thing: 🎭 Two state bitcoin bills Arizona last night signed a law allowing the state to hold bitcoin and other cryptocurrencies, the second such law inked over the past week after New Hampshire on Tuesday became the first state to pass some kind of reserve legislation. Why it matters: Reserves for bitcoin became a national issue after then presidential candidate Donald Trump made the idea of bitcoin strategic reserves into a topic. It has spread ever since the election, with half the country's state legislatures at least floating the idea. Friction point: Arizona's passage was far from smooth sailing. The state's Democratic governor, Katie Hobbs, vetoed a separate bill on the measure last week after it cleared Arizona's second chamber. It was the fact that crypto holdings could reach state retirement funds that drew side-eye from the governor. "Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency," Hobbs wrote in a letter with the veto of Senate Bill 1025. Yes, but: Hobbs did sign House Bill 2749 into law last night, which doesn't permit the investment of public funds, but rather creates a reserve to hold cryptocurrencies found to be abandoned unclaimed property in the state. The reserve which will be administered by the state treasurer. The bill that was vetoed would have allowed up to 10% of public funds in the state to be invested in digital assets. New Hampshire's new law is more conservative. The state's Republican governor, Kelly Ayotte, shared her Tuesday signing of House Bill 302 on X. Though it doesn't require any investment, it permits state officials to buy cryptocurrency on behalf of state funds, with a limit of 5% of public funds. If other cryptocurrencies besides bitcoin have high enough market caps (more than $500 billion), they will also be allowed. The bill had nine sponsors, all Republican, and cleared the second chamber on Tuesday. Zoom out: Speaking of state retirement systems, two such systems have made purchases of bitcoin ETFs: those in Wisconsin and Michigan. What they're saying: " For many years, we've laid the groundwork in our legislature for New Hampshire to be Bitcoin-, crypto-, and blockchain-friendly," Rep. Keith Ammon (R.-N.H.), a sponsor of his state's legislation, tells Axios. Another important difference in New Hampshire's legislation, he explains, is that it allows the state to buy precious metals. This got other supporters on board. "The common theme is sound money that can't be debased," he says. Zoom out: We would still very much like to know how much bitcoin federal agencies hold. 2. Yes, really, banks can custody crypto The OCC put out an interpretative letter yesterday further clarifying that banks under its supervision can hold cryptocurrency for their customers. Why it matters: Custody of digital assets at banks was a hot topic last year. Catch up quick: The OCC's statement on Wednesday builds on a broader letter from early March that rolled back previous guidance requiring national banks to get a green light from the agency before doing anything with digital assets. This follows other directives in recent months from other the regulators, the Fed and the FDIC, rescinding similar restrictive guidance to banks. The intrigue: One of the blockchain industry's champions in Congress, Sen. Cynthia Lummis (R.-Wyo.), recently raised doubts that the Fed's policy, in particular, has actually changed. The senator specifically pointed to a February 2023 policy statement from the central bank that remains standing today. Zoom in: That Fed policy statement states that it's unsafe and unsound for banks to hold cryptocurrency. The Bank Policy Institute trade association drew attention to that surviving policy, among others, and has called for its revision in a letter sent last week to the Presidential Working Group on Digital Asset Markets. The Blockchain Association has also raised the policy with the new administration. Between the lines: The policy itself, however, doesn't take on digital assets specifically. Instead, the revision the document makes to its rules reiterates that state-chartered banks (which the Fed oversees) need to follow rules for national banks (which the OCC oversees) as well as their respective state laws. In other words: State-chartered banks are held to the OCC's standards. 💭 Our thought bubble: A reasonable read is that, because the policies the Fed based its prior analysis on have been stuck down, that analysis also no longer holds. 3. Coinbase buys Deribit exchange The site we all look to when we want to predict the future of crypto prices, Deribit, is now owned by Coinbase, the largest exchange in the U.S., per the Wall Street Journal. By the numbers: Coinbase will pay $2.9 billion to close the deal. Coinbase says Deribit did $1 trillion in volume last year. 💭 Our thought bubble: It's a power move for Coinbase, which is unlikely to become the biggest exchange in the world any time soon. But now it owns the biggest exchange for options.
Yahoo
16-04-2025
- Politics
- Yahoo
‘Ticking time bomb': Oregon lawmakers consider funds for Cascadia-ready Columbia Boulevard bridge
PORTLAND, Ore. (KOIN) – With a massive Cascadia Subduction Zone earthquake looming in the Pacific Northwest, Oregon lawmakers are considering a bill to help build an earthquake-ready Columbia Boulevard bridge in Portland. On Monday, the Oregon legislature's held a public hearing on House Bill 2749, which would give the City of Portland $5 million to advance the design stage of the project. This will help the city apply for federal grants for the estimated $58 million project, officials said. Without these seismic upgrades, lawmakers said a major quake could destroy North Portland emergency routes, leaving 30,000 Portlanders stranded. Oregon lawmakers urge Trump administration to declare fishery disaster 'In North Portland, we are sitting on a ticking time bomb,' Rep. Travis Nelson (D-N & NE Portland) testified Monday. 'Scientists agree that the big one, a Cascadia subduction zone earthquake, is not a matter of 'if' but 'when.'' The bill comes as January marked the of the last Cascadia subduction zone earthquake — a magnitude 9 quake spanning Northern California to British Columbia. Those massive quakes are expected every 300-500 years, leaving concerns for when the next Cascadia quake will strike. Oregon's Ōkta set to reopen with new team, months after announcing abrupt closure 'When it hits, it is projected to be the most devastating earthquake to hit modern-day Portland and the communities I represent will likely be among the hardest hit,' Rep. Nelson said, noting this includes the neighborhoods of St. Johns, Cathedral Park and the Rivergate peninsula. According to the Portland representative, four bridges in the area are at risk of collapse in a major quake: Columbia Boulevard, Fessenden Bridge, Willamette Boulevard and Lombard Bridge. Two of those routes are designated emergency routes for the community: the Columbia Boulevard Bridge, which is owned by the Portland Bureau of Transportation, and the Lombard Bridge, which is owned by BNSF Railway, Nelson explained. 'When the big one strikes, these bridges are projected to collapse,' Nelson said. 'These neighborhoods could be cut off completely.' Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Three Portland City Council members representing District 2 — including Council President Elana Pirtle Guiney, and City Councilors Dan Ryan and Sameer Kanal — echoed those concerns in a letter to the transportation committee. 'In our district, the anticipated collapse of four critical bridges would isolate entireneighborhoods, severing access to emergency services and medical care, separatingthousands of families, and blocking the delivery of essential supplies including intervention, more than 30,000 residents could be left without access to vitalsupport during an emergency,' the City Council members wrote. On top of potential bridge collapses, a magnitude eight or nine Cascadia quake could destroy the — a six-mile area in Northwest Portland that stores 90% of Oregon's fuel and jet fuel used at PDX. During a massive quake, the North Portland area is at a higher risk of liquefaction, making the ground unstable. Rep. Nelson explained, 'We also know that liquefaction in areas North of the Columbia Slough may make the ground unstable for rescue vehicles and if the CEI hub is damaged, we're looking at toxic smoke and an environmental catastrophe.' While the BNSF-owned Lombard route also faces earthquake hazards, Rep. Nelson said lawmakers are focused on the Columbia stretch, citing difficulty bringing the freight company 'to the table' to discuss upgrades to their bridges. However, a spokesperson for BNSF told KOIN 6 News on Tuesday they are ready to work with leaders, stating, 'BNSF works with local communities to address local infrastructure needs and concerns. We stand ready to work with government leaders at all levels to advance these partnerships.' Overall, Nelson emphasized the need for state funding, in order to increase Portland's chances of receiving federal funds for the project. 'Without this investment, we cannot compete for the grants we need to get this thing built,' Nelson said. 'We owe it to the families of North Portland and to all Oregonians to act before a disaster strikes. The failure to act now risks compounding tragedy later.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
