- Arizona became the first US state to approve a strategic Bitcoin reserve bill.
- The Senate panel allows public funds to invest around 10% of funds in virtual currencies.
Around one week after Trump took an oath as the 47th US President, the US state of Arizona approved a strategic Bitcoin reserve bill. Under the pro-crypto Trump administration, we are yet to see more states coming up with their own strategic Bitcoin reserve bills.
The Arizona Senate Finance Committee approved a strategic Bitcoin reserve bill, gathering 5 out of 7 votes. The bill “Arizona Strategic Bitcoin Reserve Act” is also known as SB 1025. Pro-crypto leaders Arizona Senator Wendy Rogers and former state representative Jeff Weninger played an important role in pushing forward this bill.
Lawmakers of the Arizona state advanced the bill to allow state funds to invest in Bitcoin. As per the bill, the state can invest no more than 10% of public funds in virtual currency holdings such as Bitcoin.
The bill also allows public funds to store virtual currency holdings within the strategic Bitcoin reserve. This is in case the US Secretary of the Treasury establishes a strategic Bitcoin reserve.
Arizona Becomes the First State to Advance Strategic Bitcoin Reserve
Satoshi Act Fund CEO Dennis Porter posted X confirming that Arizona became the first US state to advance the strategic Bitcoin reserve bill. In addition, Dennis Porter congratulated both Wendy Rogers and Jeff Weninger for leading this bill. To Dennis Porter’s post, Jeff Weninger replied indicating more Bitcoin-related laws from both of them.
After pro-crypto Donald Trump’s inauguration as the US President, he signed a crypto executive order. This has opened doors to US states exploring strategic Bitcoin reserves. Previously, Dennis Porter also announced that up to 20 strategic Bitcoin reserve bills are going to be introduced at the state level.
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