Hassan Maishera
TL;DR
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Legislators have passed the Arizona Strategic Bitcoin Reserve Act, and it is now on the governor’s desk.
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If signed, Arizona will be the first state in the U.S. to launch a Bitcoin reserve.
Lawmakers Pass the Arizona Strategic Bitcoin Reserve Act
Lawmakers in Arizona have passed the Arizona Strategic Bitcoin Reserve Act, allowing the state treasurer and retirement system to invest up to 10% of available funds in Bitcoin.
The lawmakers have sent the bill to the governor’s desk for approval. Bloomberg Government reported that the bill was passed on Monday and could make the state the first in the United States to set up a Bitcoin reserve.
The bill stated that,
"This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets."
The bill's cosponsors are both Republicans: Sen. Wendy Rogers and Rep. Jeff Weninger. If signed by Governor Katie Hobbs, Arizona would be the first to require public funds to invest in Bitcoin.
This latest development comes as several states, including Iowa, Missouri, and Texas, are exploring options to establish a strategic bitcoin reserve. In March, President Trump signed an executive order to establish a strategic bitcoin reserve and digital asset stockpile.
