Arizona Moves to Become First U.S. State to Hold Bitcoin as Treasury Asset
Arizona is inching closer to becoming the first U.S. state to officially hold Bitcoin as a treasury asset. The state legislature has passed two bills, SB 1025 and SB 1373, aimed at studying the potential impacts and logistics of adding Bitcoin to its financial holdings. Republican State Senator Wendy Rogers, a long-time advocate for Bitcoin adoption at the state level, sponsored both bills. SB 1025 passed with a vote of 31-25, while SB 1373 passed with a vote of 37-19. The bills direct the state to explore the potential of Bitcoin, a move that could set a precedent for other U.S. states. Rogers has previously introduced legislation to facilitate Bitcoin use in Arizona. In 2022, she proposed SB 1341, which would have allowed Bitcoin to be used as legal tender in the state. More recently, in 2023, she introduced SB 1239, aiming to permit Arizona's government to accept Bitcoin for municipal payments. With the passage of these bills, Arizona is poised to take a significant step towards Bitcoin adoption. If Governor Katie Hobbs signs them into law, Arizona will become the first U.S. state to officially hold Bitcoin as a treasury asset. The decision could pave the way for other states to follow suit, marking a notable shift in the U.S. approach to cryptocurrency.
