Arizona – Coin Network News https://coinnetworknews.com If it's coin, it's news. Wed, 06 Mar 2024 15:50:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Arizona State Senate Considering Adding Bitcoin ETFs to Retirement Portfolios https://coinnetworknews.com/arizona-state-senate-considering-adding-bitcoin-etfs-to-retirement-portfolios/ https://coinnetworknews.com/arizona-state-senate-considering-adding-bitcoin-etfs-to-retirement-portfolios/#respond Wed, 06 Mar 2024 15:50:44 +0000 https://coinnetworknews.com/arizona-state-senate-considering-adding-bitcoin-etfs-to-retirement-portfolios/ The Arizona State Senate is considering a proposal to encourage the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to explore the inclusion of Bitcoin ETFs in their investment portfolios.

On February 22, the bill passed the Senate’s Third Reading in a 16-13 vote, and is now being reviewed by the House for the second time. 

The proposal emphasizes the importance of monitoring developments in Bitcoin ETFs, while also urging ASRS and PSPRS to consider the implications of including such assets in their portfolios. This includes consulting with firms approved by the U.S. Securities and Exchange Commission to offer Bitcoin ETFs.

Additionally, ASRS and PSPRS would be required to submit a comprehensive report on the feasibility, risks, and potential benefits of directing a portion of state retirement system funds into Bitcoin ETFs. The report, which would include options and recommendations for safely investing in the asset class, would be submitted to key state officials at least three months before the beginning of the Fifty-Seventh Legislature, First Regular Session.

The proposal aims to provide ASRS and PSPRS with the information needed to make informed decisions about integrating Bitcoin ETFs into their investment strategies, potentially diversifying their portfolios and exploring new avenues for growth.



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]]> https://coinnetworknews.com/arizona-state-senate-considering-adding-bitcoin-etfs-to-retirement-portfolios/feed/ 0 Arizona governor vetoes bill targeting taxes on blockchain node hosts https://coinnetworknews.com/arizona-governor-vetoes-bill-targeting-taxes-on-blockchain-node-hosts/ https://coinnetworknews.com/arizona-governor-vetoes-bill-targeting-taxes-on-blockchain-node-hosts/#respond Thu, 13 Apr 2023 22:31:23 +0000 https://coinnetworknews.com/arizona-governor-vetoes-bill-targeting-taxes-on-blockchain-node-hosts/

Katie Hobbs, the governor of the state of Arizona, has vetoed legislation that would have largely stopped local authorities from imposing taxes on individuals and businesses running blockchain nodes. 

In an April 12 decision, Governor Hobbs issued a veto to Arizona Bill 1236, first introduced in January. The legislation aimed to revise sections of statutes pertaining to blockchain technology, largely reducing or eliminating regulation and taxation of node operators at the state level.

“A city or town may not impose a tax or fee on any person or entity for running a node on blockchain technology in a residence,” said the Senate engrossed version of the bill. “The imposition of a tax or fee on a person or entity running a node on blockchain technology in a residence is of statewide concern and not subject to further regulation by a city or town.”

Under the bill, the same restrictions for cities and towns on node operators would have also applied to counties. Following approval in the Arizona Senate and House, lawmakers sent the bill to Hobbs’ desk, where she vetoed the legislation on her 100th day in office.

Related: Colorado governor says he expects state to accept tax payments in crypto by summer

Some Arizona lawmakers have introduced legislation aimed at making the U.S. state a pro-crypto regulatory environment for both companies and individuals. State Senator Wendy Rogers proposed Arizona’s government make Bitcoin (BTC) acceptable as legal tender, and joined with other lawmakers in a resolution having crypto be a tax-exempt property under the state’s constitution.

Magazine: Best and worst countries for crypto taxes