tl;dr
Arizona's Senate committee has approved a bill that would establish a "Strategic Bitcoin Reserve," allowing up to 10% of public funds to be invested in virtual currencies like Bitcoin. If enacted, this would make Arizona the first state to officially invest public funds in Bitcoin and other digital ...
Arizona's Senate Finance Committee has approved the "Strategic Bitcoin Reserve" bill in a 5-2 vote, potentially making Arizona the first state to invest public funds in cryptocurrency. The bill would allow up to 10% of public funds to be allocated to virtual currencies like Bitcoin if passed by law.
If enacted, the legislation would pave the way for Arizona to officially invest public funds in Bitcoin and other digital assets. The bill now moves to the Senate Rules Committee for further review before potentially heading to the Arizona House of Representatives.
This move follows an executive order from former President Donald Trump directing the establishment of a digital asset reserve. Additionally, the news coincides with Scott Bessent's confirmation as the US Treasury Secretary, who is known for being an advocate for digital assets.
The bill, named the "Arizona Strategic Bitcoin Reserve Act," could set a precedent for the future of public cryptocurrency investments if it clears both chambers. Arizona's decision to advance the Bitcoin reserve bill adds to the growing list of US states exploring cryptocurrency investments.
Moreover, the news comes as Scott Bessent was confirmed as the US Treasury Secretary. The Senate confirmed Bessent, President Trump’s pick, with bipartisan support in a 68-29 vote. Bessent is a hedge fund billionaire and a known advocate for digital assets, garnering support from Ripple CEO Brad Garlinghouse.