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On April 29th, COINOTAG reported that the Arizona Strategic Bitcoin Reserve Act successfully cleared its final review within the House of Representatives. Anticipating a signature from Democratic Governor Katie Hobbs, Arizona is poised to become the inaugural U.S. state mandating public funds to be allocated to Bitcoin investments. This legislative proposal permits the state treasurer and retirement systems to allocate up to 10% of available assets into digital currencies, with a primary focus on Bitcoin.
The bill underscores the state’s shift toward integrating cryptocurrency within public finance frameworks, mirroring the growing mainstream acceptance of digital assets in financial management. Both sponsors of this significant legislation are Republican legislators: Senator Wendy Rogers and Representative Jeff Weninger. Meanwhile, states like Iowa, Missouri, and Texas are actively exploring similar initiatives to establish strategic Bitcoin reserves. Notably, at the federal level, an executive order issued by former President Trump in March aimed to create a strategic Bitcoin reserve and a comprehensive digital asset inventory.
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