The Arizona Senate has voted to advance a Bitcoin reserve bill, allowing up to 10% of public funds to be invested in virtual currencies.
Strategic Bitcoin Reserve: A New Stage
On February 27, the Arizona Senate voted 17-11 to pass the Bitcoin reserve bill in its third reading, moving it to the House. Introduced by Senator Wendy Rogers and Representative Jeff Weninger, the bill allows the state treasurer to invest up to 10% of public funds in virtual currencies.
Bill Details
The proposed legislation defines virtual currencies as digital assets serving as a medium of exchange, unit of account, and store of value. It also supports the creation of a strategic Bitcoin reserve, outlining measures for secure asset storage and allowing state funds to be deposited into a federal reserve.
Comparison with Other States
Arizona now stands as the second U.S. state, after Utah, to advance a Bitcoin reserve bill to the final legislative process stage. Similar crypto reserve bills are pending in 18 U.S. states, while states like Montana and Wyoming have rejected such proposals.
If the bill clears the House and is signed by the governor, Arizona could become a leading state in integrating Bitcoin and virtual assets into its financial strategy.
