Arizona Legislature passes Bitcoin Reserves Act and sends it to the governor

PANews reported on April 29 that according to The Block, the Arizona State Legislature passed the Strategic Bitcoin Reserve Act, authorizing the state finance department and pension system to invest up to 10% of available funds in digital assets such as Bitcoin. The bill has been submitted to Democratic Gov. Katie Hobbs, and if it goes into effect, it will make the state the first U.S. state to require public funds to invest in Bitcoin. The bill was jointly initiated by Republican lawmakers Wendy Rogers and Jeff Weninger to bring cryptocurrencies into public finance. Several states, including Iowa, Missouri and Texas, are considering similar legislation.