Arizona’s legislative proposal that would enable the State to invest up to 10% of different public funds in cryptocurrencies, just got closer to becoming a law.
Arizona’s Senate Finance Committee approved The Strategic Bitcoin Reserve Act (SB1025) with 5-2 votes.
The proposal, partly sponsored by the Republican Senator Wendy Rogers and the Republican representative Jeff Weninger, is now awaiting approval for the Senate Rules Committee. It would ultimately need approval from the Senate of the state of Arizona and then continued to the State of Representatives of the State for a vote.
The legislative proposal would allow the treasurer of the State, the Arizona State Retirement System and the Public Safety Personnel Pension System to invest up to 10% of the public money under their control in digital assets.
Arizona is one of the many states that consider Crypto reserve proposals, including Utah.
The bill would also enable the State to place Crypto companies within a safe, separate account within a potential crypto reserve launched by the American secretary of the treasury.
A new federal crypto working group, founded by an executive order signed by US President Donald Trump, is responsible for exploring the establishment of a digital assets stock and making recommendations to make the country a leader in digital assets .
The working group is chaired by Trump’s Crypto Tsar, David Sacks.
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