Arizona has advanced a bill from a Senate committee that aims to establish a Strategic Bitcoin Reserve. The legislation would allow up to 10% of public funds to be allocated to virtual currencies like Bitcoin if passed by the law.

Arizona is close to becoming the first state in the nation to invest public funds in cryptocurrency. Recently, the state Senate Finance Committee gave a 5-2 vote in favor of the "Strategic Bitcoin Reserve" bill (SB1025).

If this bill is enacted, Arizona would make history by officially investing public funds in Bitcoin and other digital assets. State senators Wendy Rogers and Jeff Weninger are among the co-sponsors of the bill.

The next step for the bill is the Senate Rules Committee for further evaluation before potentially moving to the Arizona House of Representatives for additional discussion.

This decision by Arizona follows a recent executive order signed by President Donald Trump, which calls for the establishment of a digital asset reserve. In line with this order, the bill includes provisions for storing digital asset holdings in a secure account within the potential Strategic Bitcoin Reserve.

Arizona's move is part of a broader trend among various U.S. states considering investments in cryptocurrencies. States like Oklahoma, Texas, Massachusetts, and Wyoming have introduced similar bills, with Utah also proposing legislation to invest public funds in digital assets.

At the federal level, Scott Bessent was confirmed as the U.S. Treasury Secretary with bipartisan support in a 68-29 vote. Bessent, a hedge fund billionaire and advocate for digital assets, is expected to support policies that foster technology and crypto market growth. Ripple CEO Brad Garlinghouse expressed confidence in Bessent's ability to drive economic policies that promote innovation in the tech and crypto sectors.