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U.S. Crypto News: Arizona Approves Bitcoin Reserve Bill, but Will Other States Follow?

Published by
Debashree Patra

President Donald Trump’s push for a Bitcoin reserve strategy is winning support across the U.S., bringing the idea closer to becoming a reality. Dennis Porter, co-founder of the Satoshi Act Fund, noted a growing trend among states to establish Bitcoin reserves. Currently, at least 11 states, including Texas and Pennsylvania, have introduced Bitcoin reserve bills, with this number expected to rise to 15 or 16.

Leading the way, Arizona is making major progress and may soon become the first state to invest 10% of its public funds in Bitcoin.

Arizona Approves Bold Bitcoin Bill

Arizona’s Senate Finance Committee recently passed SB1025, a groundbreaking bill allowing up to 10% of public funds to be invested in Bitcoin. Sponsored by State Senator Wendy Rogers and Representative Jeff Weninger, this legislation is a key step toward making Arizona the first state to officially hold Bitcoin in its reserves.

“Public funds” refer to assets managed by the state treasurer and retirement systems. With a 5-2 vote in favor, the bill now heads to the Senate Rules Committee before being presented for a full Senate vote.

A National Race for Bitcoin Reserves

Arizona’s progress comes at a time when other states are also planning to explore Bitcoin as a reserve asset. This push is partly driven by the crypto industry’s strong lobbying efforts, which spent $5.9 million supporting pro-crypto candidates in Arizona alone.

President Trump’s earlier promises to create a federal Bitcoin reserve added momentum to this trend, though his recent executive order has raised doubts about federal involvement. Regardless, states like Wyoming and Oklahoma are following Arizona’s lead, exploring similar Bitcoin reserve bills.

New Leadership Boosts Crypto Optimism

The confirmation of Scott Bessent as U.S. Treasury Secretary has further fueled optimism in the crypto space. Bessent, a hedge fund billionaire and digital asset advocate, received bipartisan support in a 68-29 Senate vote. Ripple CEO Brad Garlinghouse praised Bessent’s appointment, expressing confidence in his ability to drive innovation-friendly policies for crypto and technology.

A Tool to Track Bitcoin Adoption

To monitor this growing trend, Julian Fahrer has launched the Bitcoin Strategic Reserve Tracker. This interactive tool provides daily updates on Bitcoin-related legislation, offering a clear picture of how states are adopting Bitcoin as part of their financial strategies.

Arizona’s bold step could set the stage for a national trend, inspiring other states to embrace Bitcoin as a financial reserve if the experiment proves successful. 

Debashree Patra

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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