Arizona Leads US Bitcoin Reserve Creation
Date: 2025-02-28 Author: Gabriel Deangelo Categories: IN WORLD
The bill is now headed to the House committee for consideration.
Utah is ahead of Arizona in this process: on February 20, the Senate Revenue and Taxation Committee approved a similar bill. Now it will have to pass second and third readings before a final vote.
Across the country, 18 states are discussing similar initiatives, but Arizona and Utah are the closest to final approval.
The bill passed by the Arizona Senate limits the amount of investment in digital assets in a single transaction. It also allows for the possibility of lending digital assets for profit, if it does not create additional financial risks.
On February 27, the Texas Senate Banking Committee approved the SBR bill. The next step is to discuss it in the upper house of the state Congress.
The document gives the Texas Comptroller of Public Accounts the right to buy, sell, and exchange digital assets.
The original version of the bill, proposed in January 2025, provided for the purchase of Bitcoin exclusively. However, in February, senators amended it, expanding the list of possible assets.
After Donald Trump returned to the White House on January 20, 2025, the crypto community expected that the creation of a strategic Bitcoin reserve would be one of the president's first decisions, since this was part of his campaign promises.
A working group on digital asset markets was formed to study the issue, led by David Sachs, who received the unofficial title of "crypto czar." However, despite the declared priority of the initiative, the administration has not yet taken any specific steps.
Some analysts believe that the White House's cautious approach could be a factor that could push Bitcoin below $90,000.
"When Washington says something needs to be studied, it means the decision hasn't been made yet," said Jim Bianco, president of Bianco Research.
In December 2024, Satoshi Action Fund CEO Dennis Porter pledged to push for the SBR initiative at the state level if the federal government delays making a decision.
In January, the largest public miner in the United States, MARA Holdings, also joined the push for Bitcoin reserves.
Such bills have already been proposed in several states, including Arizona, Texas, Utah, Illinois, Ohio, and South Dakota. However, the initiatives have not received support in Montana, Pennsylvania, Wyoming, and North and South Dakota.
Sygnum estimates that a $1 billion investment in Bitcoin could boost its market cap by $20 billion.
Analyst Thomas Farrer previously predicted that official approval of the SBR could instantly raise the price of Bitcoin by $50,000.
