Arizona Takes a Bold Step: Bitcoin Reserve Bill Approved by Senate Committee

Arizona's Strategic Bitcoin Reserve Bill

Arizona's Senate Finance Committee has approved a groundbreaking bill that allows public funds to invest in Bitcoin and other digital assets. This legislation, known as the Arizona Strategic Bitcoin Reserve Act, permits the state to allocate up to 10% of public funds to virtual currencies like Bitcoin.

Key Takeaways

• The Senate Finance Committee voted 5-2 in favor of the bill.
• The bill allows investment of up to 10% of public funds in cryptocurrencies.
• There are provisions for securely storing digital assets in a potential federal Strategic Bitcoin Reserve.

This initiative, co-sponsored by Wendy Rogers and Jeff Weninger, aims to diversify Arizona's public funds and reflects a growing trend among states to explore digital asset investments.

The bill has now moved to the Senate Rules Committee for further deliberation. If it passes the full Senate, it will then go to the House of Representatives.

National Context

In a related note, the US Senate recently confirmed Scott Bessent as the new Treasury Secretary. Bessent is known for his pro-Bitcoin stance and opposition to central bank digital currencies.

According to Dennis Porter, CEO of the Satoshi Action Fund, if this bill becomes law, Arizona would be the first state to officially invest public funds in Bitcoin. Currently, eleven states have introduced similar Bitcoin reserve bills, indicating a rising interest in cryptocurrency at the state level.

"At least 15 states will introduce ‘Strategic Bitcoin Reserve’ legislation. Only 3 months ago this number was zero," stated Porter.