Key dealers
- Arizona’s Senate Financial Committee approved a bill that allows public funds to invest in Bitcoin.
- The bill allows investments of up to 10% of public funds in virtual currencies such as Bitcoin.
Arizona legislators have advanced a bill that allows public funds to invest in bitcoin and other digital assets, with the state Senate’s finance committee approving the action in a 5-2 vote on January 27.
Co -sponsored by Wendy Rogers and Jeff Weninger, the proposed legislation, known as SB1025 Or “Arizona Strategic Bitcoin Reserve Act”, allows the state to invest up to 10% of public funds, including those held by the Treasury and the pension systems, in virtual currencies such as Bitcoin.
The bill also contains provisions for storing digital assets in a secure segregated account within a potential federal strategic bitcoin reserve if the Ministry of Finance sets up a strategic Bitcoin reserve for state holdings.
The US Senate on Monday also confirmed Scott Bessent as Treasury Secretary at a vote on 68 to 29, with two -party support. As a supporter of Trump’s economic policy, bessent opposes a digital currency in the central bank and seen as pro-bitcoin.
After passing through the Finance Committee, Arizona Bitcoin Reserve Bill now moves to the Senate’s regulatory committee, which will set parameters for floor debate and changes. If it is approved by the full Senate, the action continues to the House of Representatives.
According to Dennis Porter, CEO and co -founder of Satoshi Action Fund, Arizona is the first state to have a bill that is specifically focused on creating a Bitcoin Reserve Pass through a legislative committee.
If this bill becomes law, Arizona would be the first state to officially invest public funds in Bitcoin.
As of January 27, eleven states have introduced their respective Bitcoin Reserve bills, according to Porter. He noted in a separate post that at least 15 states, and potentially 16, introduce Bitcoin Reserve bills.
I can confirm that at least 15 states will introduce “strategic bitcoin reserve” legislation. Maybe even 16.
As a reminder, only three months ago this number was zero.
– Dennis Porter (@dennis_porter_) January 26, 2025