On April 29, according to TheBlock, the Arizona Strategic Bitcoin Reserve Act successfully passed the final vote in the House of Representatives and is awaiting signature by Democratic Governor Katie Hobbs. Arizona will become the first state in the United States to require public funds to invest in Bit. The bill allows the state treasurer and retirement systems to invest up to 10% of available funds in digital assets (particularly Bit). The bill summary states: "This bill represents an emerging practice of government incorporating cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets."
The bill's co-sponsors are all Republicans: Senator Wendy Rogers and Representative Jeff Weninger. Currently, multiple states including Iowa, Missouri, and Texas are considering establishing strategic Bit reserves, and at the federal level, Trump signed an executive order in March requiring the establishment of a strategic Bit reserve and digital asset inventory.
