Arizona has advanced the Senate 1025 bill – also known as “Arizona Strategic Bitcoin Reserve (SBR) Act” – outside the committee, positioning it to become the first American state to vote on the legislation that would authorize The investment of state funds in Bitcoin.
Dennis Porter, CEO and founder of the advocacy group Satoshi Act Fund, announced the news via X. In its words: “Big Breaking: I can confirm that Arizona has become the 1st State of the country to issue a bill for Create a bill to create a “Bitcoin Strategic Reserve”. The bill will soon pass to a floor vote in the Senate. Congratulations to the Wendy Rogers and Jeff Weninger co-sponsors for their leadership. »»
Arizona directs the Bitcoin Revolution
The proposed law allows a “public fund” (which means that the state treasurer or a state retirement system) invests no more than 10% of its assets under management in virtual currencies such as BTC. More specifically, the text says:
“A public fund can invest no more than ten percent of public funds under its will in virtual currency holdings … If the American secretary of the Treasury establishes a strategic bitcoin reserve for the storage of holdings of the Bitcoin government, a public fund can store the Virtual Currency Soldings of the Public Fund in a secure separate account in the Bitcoin strategic reserve. »»
The legislation defines “virtual currency” as a “digital representation of the value which works as a means of exchange, an account unit and a value store other than a representation of the US dollar or a foreign currency” and stipulates more than if the federal authorities create an SBR, the state can choose to store its bitcoin in this installation.
Arizona General Fund manages $ 28 billion, while the state pension system holds $ 50 billion. Under the proposed legislation, each fund could allocate up to 10% of its BTC assets, indicating a potential influx of several billion dollars to digital assets. Although the bill does not impose that 10% of public funds must be allocated, it allows until this threshold of investment decisions linked to Bitcoin.
According to eleven American states have already presented their respective Bitcoin reserve bills, and that at least 15 states, potentially 16 years, are on the right track to pursue similar legislation.
Satoshi Action Fund, who has been closely involved in the conduct of these efforts, said via X: “We are delighted with the significant progress made in the last three months in the introduction of key legislation, marking an important step in Our mission. However, the introduction of Bills is only the start of the trip. To really have an impact, we must focus on the progress and the law of SBR legislation, transforming these proposals into exploitable policies that will shape a more resilient and more resilient financial future for all Americans. »»
After going from the committee, SB 1025 will then move to the Senate ground for a full vote. If it is approved, the bill will go to the House of Representatives. In particular, no calendar has been published concerning the exact date of the Senate vote.
At the time of the press, BTC exchanged $ 102,970.
Star image created with dall.e, tradingView.com graphic
