Arizona Lawmakers Have Pushed Forward the Arizona Strategic Bitcoin Reserve Act

Arizona lawmakers have pushed forward the Arizona Strategic Bitcoin Reserve Act, bringing the state a step closer to making Bitcoin a part of its financial strategy.

Arizona is one step closer to investing in Bitcoin after lawmakers passed the Arizona Strategic Bitcoin Reserve Act.

On February 27, the Arizona Senate voted 17-11 to approve the Strategic Bitcoin Reserve Act (SB 1025) in its third reading, advancing it to the House for further discussion. From there, it will land on the governor’s desk for final approval before becoming law.

Introduced by State Senator Wendy Rogers and Representative Jeff Weninger, the bill proposes permitting the state treasurer to invest up to 10% of public funds in virtual currencies, including Bitcoin.

It defines virtual currencies as digital assets that serve as a medium of exchange, a unit of account, and a store of value, excluding any representations of the U.S. dollar or foreign currencies.

The bill also supports the creation of a Strategic Bitcoin Reserve by outlining measures for securely storing holdings in segregated accounts and allowing Arizona’s public funds to be deposited into a federal reserve if one is established.

According to a February 28 X post from Bitcoin Laws, Arizona is now the second U.S. state, after Utah, to advance a Bitcoin reserve bill to the final stages of the legislative process.

“ARIZONA Update:Bitcoin Reserve Bill SB 1373 has passed the Senate third reading, by a vote of 17-12.Now moves to the House. AZ moves up to second place in the Reserve Race.”

As previously reported by crypto.news, Utah’s Bitcoin reserve bill recently passed the Senate Revenue and Taxation Committee in a 4-2-1 vote and is now headed for a second and third reading in the Senate before facing a final vote.

Similar bills are currently pending in 18 U.S. states, according to the crypto reserve bills tracker, Bitcoin Reserve Monitor. However, not all states are on board—Montana, Wyoming, North Dakota, South Dakota, and Pennsylvania have rejected proposed crypto investment bills.

Meanwhile, the Arizona Senate has also voted in favor of SB 1373, the Strategic Digital Assets Reserve bill, which cleared its third reading with a 17-12 vote on the same day.

However, unlike the Strategic Bitcoin Reserve Act (SB 1025), which focuses on allowing public funds to invest in Bitcoin and other virtual currencies, SB 1373 is more about managing seized digital assets and funds appropriated by the state legislature.

It proposes a state treasurer-managed Digital Assets Strategic Reserve Fund that holds seized crypto and state-allocated funds.