Arizona lawmakers are considering adopting Bitcoin as part of the state’s financial strategy. 

The Strategic Bitcoin Reserve Act (SB1025), introduced by Senator Wendy Rogers and Representative Jeff Weninger, was approved by the Arizona State Senate Finance Committee in a 5-2 vote on January 27th and now moves to the Senate Rules Committee for further review.

The legislation proposes creating a strategic Bitcoin reserve managed by the U.S. Treasury to securely store government Bitcoin holdings. 

It would also enable public funds to store digital assets in segregated accounts within this reserve. Up to 10% of a government entity’s or public fund’s capital could be allocated to Bitcoin and other digital assets. 

Pension funds would also have the option to invest in Bitcoin, potentially increasing its adoption in retirement planning.

Author Anndy Lian suggested the bill could encourage other states, such as Texas and Pennsylvania, to pursue similar initiatives. 

However, he cautioned that Bitcoin’s volatility necessitates safeguards to protect taxpayers from potential financial risks.

If passed, the legislation could influence how Bitcoin and digital assets are integrated into public finance across the United States.

Share this article
The link has been copied!