PANews reported on January 28 that according to Crypto Briefing, Arizona legislators proposed a bill allowing public funds to invest in Bitcoin and other digital assets. The state Senate Finance Committee approved the bill on January 27 with a 5 to 2 vote.

The proposed legislation, co-sponsored by Wendy Rogers and Jeff Weninger, is called SB1025, the “Arizona Strategic Bitcoin Reserve Act,” and would allow the state to invest up to 10% of public funds, including funds held by the state treasurer and retirement systems, in cryptocurrencies such as Bitcoin. If the U.S. Treasury Secretary establishes a strategic Bitcoin reserve for government assets, the bill also includes provisions for digital assets to be held in a secure segregated account within a potential federal strategic Bitcoin reserve.