Arizona Advances Bill Allowing State To Invest up to 10% of Public Funds in Virtual Currencies
Arizona’s legislative proposal that would allow the state to invest up to 10% of several public funds into cryptocurrencies just moved closer to becoming a law.
Arizona’s Senate Finance Committee approved the Strategic Bitcoin Reserve Act (SB1025) by a 5-2 vote.
The proposal, co-sponsored by Republican Senator Wendy Rogers and Republican Representative Jeff Weninger, is now pending approval before the Senate Rules Committee. It would ultimately need approval from the Arizona State Senate to then advance to the state’s House of Representatives for a vote.
The bill would allow the state treasurer, the Arizona State Retirement System and the Public Safety Personnel Retirement System to invest up to 10% of the public money under their control into digital assets.
Arizona is one of several states considering crypto reserve proposals, including Utah.
The bill would also allow the state to place its crypto holdings within a secure, segregated account within a potential crypto reserve launched by the U.S. Secretary of the Treasury.
A new federal crypto working group, established by an executive order signed by US President Donald Trump, is charged with exploring the creation of a digital asset stockpile as well as making recommendations to make the country a leader in digital assets.
The working group will be chaired by Trump’s crypto czar, David Sacks.
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