Arizona advances to a new bill that would give way to the state to create a strategic reserve for bitcoin.
On January 27, the Senate Finance Committee in Arizona State He passed the strategic bitcoin reserve lawIt is submitted to the Senate Rules Committee, where it will be subject to the final discussion and potential amendments before moving to the full Senate for approval.
The draft law, called SB1025, was presented by Senator Wendy Rogers and actor Jeff Winnger on January 14, and the Finance Committee approved a vote 5-2.
If the full Senate approved it, the draft law is transferred to the House of Representatives before signing it in the law.
According to SB1025, Arizona will establish a strategic reserve for bitcoin run by the US Treasury to store government bitcoin bitch.
The draft law defines encrypted currencies as a digital representation to make value as a means of exchange, an account unit, and a valuable store.
This will allow public funds, such as those managed by the treasurer, the retirement system in Arizona, and the pension system for public safety employees (PSPRS), by investing up to 10 % of its capital in Bitcoin and other digital assets.
These holdings will be stored in a detailed safe account within the strategic bitcoin reserves.
Under the current laws, the treasurer and retirement systems have the authority to allocate and manage investments with a focus on capital safety and returns. SB1025 depends on this framework, allowing these entities to explore virtual currencies as a viable assets.
Arizona will become the first American state to enact such legislation if the strategic Bitcoin reserve law becomes a reality.
Critics speculate that such a step will lead to the effect of domino, which leads to other countries that are considering similar initiatives, to accelerate their efforts.
Other bitcoin reserve bills are under consideration
Currently, at least 13 other states are looking at bitcoin reserves at the state level, an idea that has gained importance with Donald Trump’s victory in the United States elections 2024.
As part of his promises, Trump pledged to create a nationalist reserve for Bitcoin, and he recently signed an executive that defines the presidential work group charged with evaluating the construction of strategic national digital assets.
The Republican Senator in Wyoming Sinaia Lomes submitted the Federal Reserve Law in July last year, which links Bitcoin as a way to pay the US national debt.
It would impose the government to obtain and bear a million BTC.
Strategic reserve bills at the state level began to appear shortly after. Pennsylvania has become one of the first states that proposed the bill on November 14, just days after the announcement of the election results.
It was followed by the representative of Ohio Derek Mirin by submitting the Ohio Bitcoin Reserve Law in early December, while the representative of Texas Giovanni Kapriegelon presented a similar bill for Texas later in the same month.
It is expected that the strategic reserve bills will pay a major encryption currency to new horizons, as some experts speculate 2025 at the highest level exceeding $ 200,000, while others put the price about $ 500,000.
Bitcoin’s reserve legislation in Arizona is giving the Senate Finance Committee for the first time on Invezz
