CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2025-01-28 14:20:26

Arizona Senate committee advances Bitcoin reserve bill

The Arizona Senate Finance Committee has approved SB1025, also known as the “Arizona Strategic Bitcoin Reserve Act.” The Act was approved in a 5-2 vote. Co-sponsored by State Senator Wendy Rogers and Representative Jeff Weninger, the bill seeks to allow up to 10% of Arizona’s public funds, including state treasurer and retirement system reserves, to be invested in Bitcoin ( BTC ) and other digital assets. The bill will now proceed to the Senate Rules Committee, which will establish guidelines for debate and potential amendments on the Senate floor. If approved by the full Senate, the bill will advance to the Arizona House of Representatives. If passed into law, Arizona would become the first U.S. state to incorporate Bitcoin into its financial strategy. The proposed legislation includes measures for securely storing government Bitcoin holdings in segregated accounts, ensuring these digital assets are managed responsibly. You might also like: Nvidia stock crash wipes $600b from U.S markets: Analysts are still betting big on Bitcoin Federal Strategic Bitcoin Reserve The legislation also supports the potential creation of a federal Strategic Bitcoin Reserve, which could store state-held cryptocurrency assets. Dennis Porter, CEO of the Satoshi Action Fund, highlighted that Arizona’s move is part of a broader trend, with eleven states already introducing similar Bitcoin reserve bills. The advancement of the bill aligns with recent developments in cryptocurrency policy at the federal level. The U.S. Senate recently confirmed Scott Bessent as Treasury Secretary, with Bessent voicing support for Bitcoin while opposing central bank digital currencies. Last year, The Arizona State Senate approved a bill urging state retirement systems to monitor Bitcoin ETFs as potential investment options. The bill emphasized working with SEC-approved firms before making any portfolio additions. You might also like: Erik Voorhees-backed AI startup Venice debuts VVV crypto on Base

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.