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HomeCrypto NewsMarketArizona Closer To Establishing Bitcoin Reserve as Bill Passes Committee Vote

Arizona Closer To Establishing Bitcoin Reserve as Bill Passes Committee Vote

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Arizona has passed a key hurdle in the race to establish a strategic Bitcoin reserve.

On Monday, January 27, the state became the first to have its Bitcoin reserve bill pass a committee vote as the Senate Financial Committee voted 5-2 in favor of the provision—a move that puts the state ahead in the race among U.S. states to establish a strategic Bitcoin reserve following Donald Trump’s election win.

The president had promised to launch a strategic Bitcoin stockpile on the campaign trail, which stoked hopes of the government becoming an active buyer of the asset, bolstering its price. However, the president’s recent executive order has now put this in doubt.

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Still, this does not appear to be slowing the race among states, as highlighted by the recent Arizona Senate Financial Committee vote.

Vote breakdown for Arizona strategic Bitcoin bill
Vote breakdown for Arizona strategic Bitcoin bill Source LegiScan

The state’s Bitcoin reserve bill, sponsored by far-right Arizona State Senator Wendy Rogers and State Representative Jeff Weninger, seeks to allow the investment of up to 10% of “public funds” in crypto assets like Bitcoin. The bill defines public funds as funds held by the state treasurer and retirement systems.

Following the bill’s passing of the Senate Financial Committee vote, its journey to becoming law is now 25% complete. It is set to face the Senate Rules Committee next, though a date for this does not appear to have been set. Approval here will likely set it up for a full Senate vote.

According to Satoshi Act Fund co-founder Dennis Porter, at least 11 states, including Texas, Pennsylvania, Ohio, and Oklahoma, have already introduced strategic Bitcoin reserve legislation since Trump’s victory.

Porter has suggested that this number will rise to 15 or 16 soon. 

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This Bitcoin strategic reserve push can likely be attributed to the crypto industry’s significant lobbying efforts over the past elections. In Arizona, for example, the industry was ranked as a top spender with $5.9 million allocated to propping up pro-crypto candidates.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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