Arizona’s Strategic Bitcoin Reserve Bill Gains Support, Could Inspire Other States #CriptoNews

President Donald Trump’s push for a Bitcoin reserve strategy is winning support across the U.S., bringing the idea closer to becoming a reality. Dennis Porter, co-founder of the Satoshi Act Fund, noted a growing trend among states to establish Bitcoin reserves. Currently, at least 11 states, including Texas and Pennsylvania, have introduced Bitcoin reserve bills, with this number expected to rise to 15 or 16.

Leading the way, Arizona is making major progress and may soon become the first state to invest 10% of its public funds in Bitcoin.

Arizona Approves Bold Bitcoin Bill

Arizona’s Senate Finance Committee recently passed SB1025, a groundbreaking bill allowing up to 10% of public funds to be invested in Bitcoin. Sponsored by State Senator Wendy Rogers and Representative Jeff Weninger, this legislation is a key step toward making Arizona the first state to officially hold Bitcoin in its reserves.

“Public funds” refer to assets managed by the state treasurer and retirement systems. With a 5-2 vote in favor, the bill now heads to the Senate Rules Committee before being presented for a full Senate vote.

A National Race for Bitcoin Reserves

Arizona’s progress comes at a time when other states are also planning to explore Bitcoin as a reserve asset. This push is partly driven by the crypto industry’s strong lobbying efforts, which spent $5.9 million supporting pro-crypto candidates in Arizona alone.

President Trump’s earlier promises to create a federal Bitcoin reserve added momentum to this trend, though his recent executive order has raised doubts about federal involvement. Regardless, states like Wyoming and Oklahoma are following Arizona’s lead, exploring similar Bitcoin reserve bills.

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• Donald Trump’s Pro Crypto Executive Orders: A New Dawn for U.S. Digital Asset Policy
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New Leadership Boosts Crypto Optimism

The confirmation of Scott Bessent as U.S. Treasury Secretary has further fueled optimism in the crypto space. Bessent, a hedge fund billionaire and digital asset advocate, received bipartisan support in a 68-29 Senate vote. Ripple CEO brad garlinghouse brad garlinghouse Brad Garlinghouse is the CEO of the financial technology company Ripple Labs, he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016. Initially, he worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the “Peanut Butter Manifesto,” requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter.
Details:
Organization: RippleLocation: United StatesEducation: MBA from Harvard Business School and BA from The University of KansasSkills: Venture capital and Startups
Experience:
CEO at Ripplefrom from Jan 2017 – Present ·President and COO at Ripple logo from Apr 2015 – Dec 2016Board Member at Animoto from 2012 – Dec 2017Tonic Health, an R1 company logoBoard Member at Tonic Health from 2011-2016Board Member at Ancestry from 2013 – 2016CEO at Hightail from May 2012 – Sep 2014
FAQs
Who is Brad Garlinghouse?The CEO of Ripple, a financial technology business that specializes in blockchain technology and the cryptocurrency XRP, is Brad Garlinghouse. He has played a significant role in advancing cross-border payments using blockchain technology.What is Brad Garlinghouse’s role at Ripple?Garlinghouse is in charge of Ripple’s expansion and strategic direction in his capacity as CEO. Ripple has concentrated on using blockchain technology to enhance international payment networks under his direction. EntrepreneurInvestorChief Executive OfficerBoard Member praised Bessent’s appointment, expressing confidence in his ability to drive innovation-friendly policies for crypto and technology.

To monitor this growing trend, Julian Fahrer has launched the Bitcoin Strategic Reserve Tracker. This interactive tool provides daily updates on Bitcoin-related legislation, offering a clear picture of how states are adopting Bitcoin as part of their financial strategies.

Arizona’s bold step could set the stage for a national trend, inspiring other states to embrace Bitcoin as a financial reserve if the experiment proves successful.