Bitcoin Reserve Gains Ground with Arizona Senate Approval
Arizona has proposed a bill from the Senate Committee, which aims to establish a strategic Bitcoin reserve. If the law is passed, the legislation will allow up to 10 % of public funds to virtual currencies like Bitcoin.
If it is promulgated, Arizona will become the first state to formally invest in public funds to Bitcoin and other digital assets.
Arizona: One step closer to strategic Bitcoin reserves
Arizona is about to become the first person to formally invest in public funds in the United States to invest in cryptocurrencies. On January 27, the State Senate Finance Committee The “Strategic Bitcoin Reserve” bill was approved (SB1025) 5-2 votes.
“I can confirm that Arizona has become the first state in the country. Satoshi Action Fund, Publish On X.
State Senator Wendy Rogers and Jeff Beninger sponsored the bill.
“Public funds may invest in public funds with a virtual currency holding of no more than 10 %. This law may be considered” the 24 method of the Arizona State strategic Bitcoin reserves “, bill read.
The bill now goes to the Senate Rules Committee for further review. If it is approved, it will move to the Arizona House of Representatives for additional review.
Given that the legislative clears the two conference halls, it can be used The future of public cryptocurrency investment As the first state of creating SBR.
This is followed by Administrative order signed by President Donald Trump last weekEssence The command indicates the establishment of digital asset reserves.
It is worth noting that if the Minister of Finance has created a strategic Bitcoin reserve for the government, the bill also includes the security of the security of digital asset holding in the reserve and isolated accounts.
The decision to promote the Bitcoin Reserve Act in Arizona has increased more and more states in the United States to explore cryptocurrency investment. Oklahoma, Texas, Massachuset It is one of the states that introduce similar bills. also, Utah proposed legislation Invest public funds in digital assets.
In addition, the news came, because Scott Bessent was confirmed to be the Minister of Finance. The Senate confirmed that shell President Trump gets a two-party support in 68-29 votesEssence
BESSENT is a hedge fund billionaire, and it is also known as a known digital asset advocate. Ripple CEO Brad GarlingHouse, X celebrating Bessent to join Trump’s cabinet.
Garlinghouse expresses confidence in BESSENT’s leadership to support the policy The growth of technology and encryption marketEssence
“I am confident that he will formulate common sense economic policies, cooperate with the government and Congress to develop American technology and encryption innovation,” Garlinghouse Write On X.
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