Arizona State lawmakers approved a new bill with a 5-2 vote to allow public funds to invest in Bitcoin and other Cryptocurrencies.
Arizona is one of the averagely popular US states. Notably, this state has emerged as a progressive in terms of Bitcoin and cryptocurrency adoption. The lawmakers of this state introduced legislation aimed at supporting the crypto sector, including proposals to make Bitcoin legal tender. The state has fostered a favourable regulatory environment, encouraging blockchain innovation and cryptocurrency use. Senator Wendy Rogers is known as a top pro-Bitcoin politician.
On 27 Jan 2024, Arizona lawmakers voted for a bill that would allow public funds to invest in Bitcoin and other Cryptocurrencies. The state Senate Finance Committee approved the bill with a 5-2 vote.
This bill is SB1025 or, say “The Arizona Strategic Bitcoin Reserve Act, which will allow the allocation of 10% of public funds in top Cryptocurrency.
Also, this bill has measures for storing cryptocurrencies in a secure segregated account within a potential federal Strategic Bitcoin Reserve when the Secretary of the Treasury establishes a strategic Bitcoin reserve (SBR).
Now this bill will go through new changes to set some parameters for floor debate and amendments. If this bill gets approved by the full Senate, then it will go under the House of Representatives. Alternatively, we can say that the next two phases are also important for the final approval of this bill.
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, shared his opinion on this latest development & said that Arizona is special in terms of crypto adoption, as they showed their support for SBR in a unique way officially. He also added that soon it will move to a floor vote in the Senate.
Read also: Bitcoin Advocate Scott Bessent Appointed as U.S. Secretary of the Treasury
