Arizona and Utah make legislative strides towards Bitcoin reserves Oluwapelumi Adejumo · 42 seconds ago · 1 min read
The states aim to integrate Bitcoin into public portfolios, reflecting growing interest in state-level crypto initiatives.
1 min read
Updated: Jan. 29, 2025 at 2:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Two US states—Arizona and Utah—are making significant progress in integrating Bitcoin into their state portfolios.
This week, both states have advanced legislative efforts that could position them as pioneers in adopting digital assets for public funds.
Arizona’s momentum
Arizona is pushing to become the first U.S. state to invest public funds in Bitcoin.
On Jan. 27, Porter said:
“I can confirm that Arizona has become the 1st state in the nation to pass out of committee a bill to create a ‘Strategic Bitcoin Reserve.'”
The bill, introduced by Senators Wendy Rogers and Jeff Weninger, would allow Arizona to allocate up to 10% of its public funds to Bitcoin and other cryptocurrencies. It also includes provisions for secure storage and could align with future federal policies if a national Bitcoin reserve emerges.
The proposal now heads to the Senate Rules Committee, where lawmakers will determine the next steps before a full vote. If approved, Arizona will set a precedent for state-level Bitcoin investment, reinforcing its status as a leader in digital asset adoption.
Meanwhile, Weninger signaled that more crypto-friendly initiatives are on the way. The two Arizona senators plan to introduce additional blockchain-focused legislation to further shape the state’s role in the crypto economy.
Utah’s Bitcoin embrace
According to Dennis Porter, CEO and co-founder of the Satoshi Action Fund, Utah’s proposed legislation to support Bitcoin investment cleared a key hurdle on Jan. 28.
Porter said:
“With a super-majority vote, Utah becomes the 2nd state in the nation to pass a ‘Strategic Bitcoin Reserve’ bill out of committee.”
While the Committee move marks a significant step, it is not yet legally binding. Before becoming law, it must also pass through both chambers of the state legislature and also receive the governor’s approval.
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