Arizona’s Strategic Bitcoin Reserve Bill Gains Support, Could Inspire Other States

The post Arizona’s Strategic Bitcoin Reserve Bill Gains Support, Could Inspire Other States appeared first on Coinpedia Fintech News

Trump’s election trump card Bitcoin Reserve strategy got nationwide support and there are chances that it will soon be a reality. Dennis Porter, co-founder of the Satoshi Act Fund, has highlighted a growing trend among U.S. states to establish Bitcoin reserves. With at least 11 states, including Texas and Pennsylvania, introducing Bitcoin reserve bills, Porter predicts this number will soon rise to 15 or 16. Beating the odds, Arizona is leading the charge with significant progress in its legislative efforts. Arizona will be the first US state to officially invest in Bitcoin using 10% of public funds. What a start to a new year! 

Arizona’s Bold Bitcoin Bill

Surprising the nation, Arizona’s Senate Finance Committee recently approved SB1025, a bill allowing up to 10% of public funds to be invested in Bitcoin. Sponsored by State Senator Wendy Rogers and Representative Jeff Weninger, the bill marks a key step toward making Arizona the first state to officially hold digital assets as part of its public funds.

The term “public funds” includes assets managed by the state treasurer and retirement systems. With a 5-2 committee vote in favor, the bill now moves to the Senate Rules Committee before a full Senate vote.

A National Race for Bitcoin Reserves

Arizona’s progress comes at a time when other states are also planning to explore Bitcoin as a reserve asset. This push is partly driven by the crypto industry’s strong lobbying efforts, which spent $5.9 million supporting pro-crypto candidates in Arizona alone.

President Trump’s earlier promises to create a federal Bitcoin reserve added momentum to this trend, though his recent executive order has raised doubts about federal involvement. Regardless, states like Wyoming and Oklahoma are following Arizona’s lead, exploring similar Bitcoin reserve bills.

New Leadership Boosts Crypto Optimism

The confirmation of Scott Bessent as U.S. Treasury Secretary has further fueled optimism in the crypto space. Bessent, a hedge fund billionaire and digital asset advocate, received bipartisan support in a 68-29 Senate vote. Ripple CEO Brad Garlinghouse praised Bessent’s appointment, expressing confidence in his ability to drive innovation-friendly policies for crypto and technology.

Tracking the Bitcoin Reserve Movement

To help monitor this growing trend, Julian Fahrer launched the Bitcoin Strategic Reserve Tracker, an interactive tool that provides daily updates on Bitcoin-related legislation. This tracker offers a comprehensive view of the adoption of Bitcoin as a reserve asset across the U.S.

Arizona’s bold step could set the stage for a national trend, inspiring other states to embrace Bitcoin as a financial reserve if the experiment proves successful.