Arizona has become the first U.S. state to approve a strategic Bitcoin reserve bill. The state Senate panel has permitted up to 10% of public funds to be invested in virtual currencies. This decision came about a week after Donald Trump was sworn in as the 47th U.S. President, under his pro-crypto administration. The move has sparked speculation that more states may introduce their own strategic Bitcoin reserve legislation.
The Arizona Senate Finance Committee passed the bill, officially named the “Arizona Strategic Bitcoin Reserve Act” (SB 1025), with a 5-2 vote. Pro-crypto leaders, including Arizona Senator Wendy Rogers and former state representative Jeff Weninger, played key roles in driving this initiative forward.
The bill allows Arizona to allocate a maximum of 10% of public funds to Bitcoin and other virtual currencies. Additionally, it provides for the creation of a strategic Bitcoin reserve, which can store these holdings if the U.S. Secretary of the Treasury establishes such a reserve.
Dennis Porter, CEO of Satoshi Act Fund, confirmed on X (formerly Twitter) that Arizona is leading the way with this strategic Bitcoin reserve bill. He also praised Wendy Rogers and Jeff Weninger for their efforts. In response, Jeff Weninger hinted at the possibility of more Bitcoin-related legislation from them.
Following Trump’s inauguration and his signing of a crypto-focused executive order, the U.S. has seen growing interest in state-level Bitcoin reserves. Dennis Porter has previously mentioned that up to 20 similar bills are expected to be introduced across various states.
Crypto News Highlights: Arizona’s pioneering move could inspire a wave of Bitcoin-related legislative efforts across the country.
