Arizona Senate Advances Bitcoin Reserve Bill
Arizona Senate Moves Bitcoin Reserve Bill Forward
The Arizona Senate Finance Committee has moved the “Arizona Strategic Bitcoin Reserve Act,” SB1025, one step closer to getting cryptocurrency adopted into state financial plans.
Key Provisions of the Bill
The bill passed in a vote of 5-2 with bipartisan support. Co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, SB1025 allows for up to 10% of Arizona’s public funds-apart from those belonging to the state treasurer and retirement systems, among others-to be placed into Bitcoin and other digital assets.
If enacted, Arizona would become the first U.S. state to include Bitcoin in its official financial framework. The legislation mandates secure storage for government-held Bitcoin in segregated accounts, ensuring safe and responsible asset management.
Next Steps in the Legislative Process
It comes from the Senate Rules Committee, which sets the rules by which debate on an adopted bill will move forward as it heads to the senate floor. Assuming the Senate supports and OKs said piece of legislation, it would thereafter be sent into them House for further deliberations.
Federal Strategic Bitcoin Reserve
Beyond State-level implications, the bill introduces support for the establishment of a federal level Strategic Bitcoin Reserve-a storage-like space that would hold state-held digital reserves and centralize decision-making around investments.
Dennis Porter, chief executive of the Satoshi Action Fund, said that Arizona is joining a snowballing phenomenon in Bitcoin legislation at the state level. At least 11 states have put forward similar legislation to create Bitcoin reserves, according to the group, pointing to growing adoption across the country.
A Greater Shift in Crypto Policy
Arizona’s move comes in line with active developments of federal policy related to cryptocurrency. U.S. Senate-confirmed Treasury Secretary Scott Bessent has come out in support of Bitcoin, but against the implementation of central bank digital currencies.
It is quite active in considering Bitcoin a part of its investment strategy. The Arizona Senate passed a bill last year that would encourage state retirement systems to consider Bitcoin ETFs, provided they are approved by the SEC. This underlines the cautious yet progressive approach by the state toward integrating cryptocurrency into its financial landscape.
Implications for Arizona
If the legislation takes full effect, Arizona might become the first state to include Bitcoin in its public funds, setting a possible example for the broader adoption of cryptocurrencies in state-level financial policies. The move indicates an increasing confidence in Bitcoin as a long-term asset amid global debates on the regulation and innovation of cryptocurrencies.
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Arizona Senate Advances Bitcoin Reserve Bill
Arizona Senate Moves Bitcoin Reserve Bill Forward
The Arizona Senate Finance Committee has moved the “Arizona Strategic Bitcoin Reserve Act,” SB1025, one step closer to getting cryptocurrency adopted into state financial plans.
Key Provisions of the Bill
The bill passed in a vote of 5-2 with bipartisan support. Co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, SB1025 allows for up to 10% of Arizona’s public funds-apart from those belonging to the state treasurer and retirement systems, among others-to be placed into Bitcoin and other digital assets.
If enacted, Arizona would become the first U.S. state to include Bitcoin in its official financial framework. The legislation mandates secure storage for government-held Bitcoin in segregated accounts, ensuring safe and responsible asset management.
Next Steps in the Legislative Process
It comes from the Senate Rules Committee, which sets the rules by which debate on an adopted bill will move forward as it heads to the senate floor. Assuming the Senate supports and OKs said piece of legislation, it would thereafter be sent into them House for further deliberations.
Federal Strategic Bitcoin Reserve
Beyond State-level implications, the bill introduces support for the establishment of a federal level Strategic Bitcoin Reserve-a storage-like space that would hold state-held digital reserves and centralize decision-making around investments.
Dennis Porter, chief executive of the Satoshi Action Fund, said that Arizona is joining a snowballing phenomenon in Bitcoin legislation at the state level. At least 11 states have put forward similar legislation to create Bitcoin reserves, according to the group, pointing to growing adoption across the country.
A Greater Shift in Crypto Policy
Arizona’s move comes in line with active developments of federal policy related to cryptocurrency. U.S. Senate-confirmed Treasury Secretary Scott Bessent has come out in support of Bitcoin, but against the implementation of central bank digital currencies.
It is quite active in considering Bitcoin a part of its investment strategy. The Arizona Senate passed a bill last year that would encourage state retirement systems to consider Bitcoin ETFs, provided they are approved by the SEC. This underlines the cautious yet progressive approach by the state toward integrating cryptocurrency into its financial landscape.
Implications for Arizona
If the legislation takes full effect, Arizona might become the first state to include Bitcoin in its public funds, setting a possible example for the broader adoption of cryptocurrencies in state-level financial policies. The move indicates an increasing confidence in Bitcoin as a long-term asset amid global debates on the regulation and innovation of cryptocurrencies.
Read More
BSV Investors Seek to Revive 2019 Lawsuit Against Binance Over Delisting Impact