Arizona Approves Bill for State Bitcoin Reserve

Arizona’s legislature passed a bill to create a state Bitcoin reserve, led by Senator Wendy Rogers, pending Governor Katie Hobbs’ signature.

The bill enables Arizona to invest treasury funds in Bitcoin, signaling a significant state-level adoption of cryptocurrency assets.

Arizona Clears Bill for 10% Bitcoin Treasury Investment

The Arizona State Legislature has approved a bill to allow the creation of a state Bitcoin reserve. This move, led by State Senator Wendy Rogers, follows a 31-25 House vote.

“The approval marks a giant leap for Arizona towards embracing digital assets,” stated an unnamed legislative aide familiar with the proceedings.

The bill permits Arizona to allocate up to 10% of public treasury into Bitcoin. Governor Katie Hobbs must now decide on signing it into law or vetoing it.

Bitcoin Surge as Arizona Positions for Crypto Leadership

The approval could see Arizona as a leader in U.S. states adopting cryptocurrency into its financial investment strategies. Bitcoin reacted with a market price increase, indicating renewed institutional interest. Financial implications are notable as the state reserves may include cryptocurrencies from seized assets. Political observers suggest Governor Hobbs’ decision will influence other states considering similar bills.

Arizona Sets Precedent with First U.S. Bitcoin Reserve Bill

This legislative step marks the first U.S. state to enact such a Bitcoin reserve bill, setting a precedent paralleling efforts in Texas and Florida. Economists highlight that successful approval might lead to other states exploring legal and financial frameworks for digital asset integration into state treasuries.