《Arizona Bitcoin Reserve Bill》 Passed by Legislature, Potentially Becoming the First State in the U.S. to Establish a Bitcoin Reserve

BlockBeats News, April 29, according to TheBlock, two bills, the "Arizona Strategic Bitcoin Reserve Act," successfully passed the final vote in the House of Representatives and are awaiting signature by Democratic Governor Katie Hobbs. Arizona may become the first state in the United States to require public funds to invest in Bitcoin.

One of the bills, SB 1373, proposes the establishment of a digital asset strategic reserve fund managed by the State Treasurer, with funding sources including seized assets and legislative appropriations. Up to 10% of the fund may be invested in Bitcoin and other digital assets each fiscal year, with the possibility of lending without increasing risk. Bill SB 1025 allows the State Treasurer and retirement systems to invest up to 10% of available funds in cryptocurrency, with a focus on Bitcoin. The bill summary stated, "The bill represents the state government's embracing of cryptocurrency as an emerging practice in public finance management, reflecting the increasing mainstream acceptance of digital assets."

Both sponsors of the bill are Republicans: Senator Wendy Rogers and Representative Jeff Weninger. Currently, several states including Iowa, Missouri, and Texas are considering whether to establish a strategic Bitcoin reserve. At the federal level, Trump signed an executive order in March requiring the establishment of a strategic Bitcoin reserve and digital asset inventory.