Arizona has developed the Senate Bill 1025 – also known as the “SBR) Bitcoin Reserve Law (SBR) in Arizona” – outside the committee, and placed it to become the first American state to vote on legislation that would allow state funds to invest in Bitcoin.
Dennis Porter, CEO and founder of the Satoshi Da`wah Law Fund, break The news via X. As he put it: “Big Breaking: I can make sure that Arizona has become the first country in the country to pass a bill to create” strategic bitcoin reserves “. The draft law will soon move to the vote of the Senate floor. Congratulations to the participants, Windy Rogers and Jeff. And they are drunk on their leadership.
Arizona leads the Bitcoin revolution
The proposed law provides a “public fund” (meaning either the treasurer or government retirement system) to invest no more than 10 % of its assets under management to virtual currencies such as BTC. Specifically, and text He says:
“A public fund may invest more than ten percent of public funds subject to its control in virtual currency holdings … If the US Secretary of the United States defines a strategic reserve for bitcoin to store government bitcoin holdings, a public fund may store the virtual currencies of the Public Fund in A separate secure account within the strategic bitcoin reserves.
Legislation defines the “virtual currency” as “a digital representation of the value that works as a method of exchange, an account unit, and a value store other than the representation of the US dollar or a foreign currency”, and stipulates this. That if the federal authorities have created SBR, the state may choose to store Bitcoin in this facility.
According to what was reported, the Arizona Fund is running 28 billion dollars, while the state’s retirement system has $ 50 billion. Under the proposed legislation, each fund can allocate up to 10 % of its assets in BTC, indicating a possible flow of billions of dollars in digital assets. Although the draft law does not impose 10 % of the state funds allocating it, it allows this limit for investment decisions related to bitcoin.
According to Porter, eleven US states have already provided their Bitcoin reserve bills, and at least 15 states, which are likely to be 16 states, are going on the right path to follow up similar legislation.
“We are happy with the great progress that has been made during the past three months in providing major legislation, which represents an important milestone in our mission. However, the introduction of Bills is just the beginning The journey. To make an effect, we must focus on the progress and legislation of SBR in the law, and the conversion of these proposals into implemented policies will form a stronger and more flexible future for all Americans.
After I got out of the committee, SB 1025 will then move to the Senate Hall for full voting. If approved, the bill will be transferred to the House of Representatives. It is worth noting that no timetable has been issued regarding the exact date of the Senate vote.
At the time of the press, BTC was traded at $ 102,970.
Distinctive image created with Dall.e, Chart from TradingView.com
