Arizona state legislators approved a new bill with a 5-2 vote to allow public funds to invest in Bitcoin and other cryptocurrencies.
Arizona It is one of the popular average states. In particular, this state has become a progressive in terms of adoption of Bitcoin and cryptocurrencies. The legislators of this State introduced legislation aimed at supporting the cryptographic sector, including proposals to make a legal tender for Bitcoin. The State has encouraged a favorable regulatory environment, encouraging blockchain innovation and the use of cryptocurrencies. Senator Wendy Rogers is known as the main policy in favor of Bitcoin.
On January 27, 2024, Arizona legislators voted for a bill that would allow public funds to invest in Bitcoin and other cryptocurrencies. The State Senate Finance Committee approved the bill with a 5-2 vote.
This bill is SB1025 or, for example, “the Arizona Strategic Bitcoin Reserve Law, which will allow 10% of public funds in the upper cryptocurrency.
In addition, this bill has measures to store cryptocurrencies in a safe secreted account within a possible strategic strategic reserve of strategic bitcoins when the Treasury Secretary establishes a strategic Bitcoin (SBR) reserve.
Now this bill will go through new changes to establish some parameters for the debate and floor amendments. If this bill is approved by the complete Senate, then it will go under the House of Representatives. Alternatively, we can say that the following two phases are also important for the final approval of this bill.
Dennis Porter, CEO and co -founder of the Satoshi Action Fund, shared his opinion on this last development and said that Arizona is special in terms of cryptographic adoption, since they showed their support to SBR in a unique way officially. He also added that he will soon move to a floor vote in the Senate.
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