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Arizona Advances Bill to Invest Public Funds in Bitcoin

Arizona Advances Bill to Invest Public Funds in Bitcoin

Arizona’s Senate approved a bill to invest up to 10% of public funds in Bitcoin and other digital assets, advancing it to the Rules Committee.

The Act was passed with a 5-2 vote. It was sponsored by State Senator Wendy Rogers and Representative Jeff Weninger. The Act allows Arizona to spend up to 10% of its public funds, including money from the state treasurer and retirement systems, in Bitcoin and other digital assets.

Next, the bill will go to the Senate Rules Committee. They will establish the rules for discussion and any changes before it is discussed by the whole Senate. If it gets passed, it will move on to the Arizona House of Representatives.

If approved, Arizona would be the first state in the U.S. to use Bitcoin in its budget plan. The bill includes rules to safely keep government Bitcoin in separate accounts, making sure the assets are managed properly.

Federal Strategic Bitcoin Reserve

The law supports creating a government Strategic Bitcoin Reserve to keep state-held cryptocurrency assets.

Dennis Porter, CEO of the Satoshi Action Fund, said that Arizona is part of a bigger trend, with eleven other states also creating Bitcoin reserve laws.

This bill matches recent changes in government cryptocurrency rules. The U.S. Senate has approved Scott Bessent as the Treasury Secretary. He is in favor of Bitcoin but against digital currencies from central banks.

Last year, Arizona’s State Senate passed a plan asking state retirement systems to watch Bitcoin ETFs as possible investments. They highlighted the importance of working with firms approved by the SEC when making investment choices.

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