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According to a report by The Block citing Bloomberg Government, on April 29, local time on Monday, the Arizona legislature passed the "Arizona Strategic Bitcoin Reserve Act," which has now been submitted to the governor's office for signing.
The bill will allow the state treasury and retirement system to invest up to 10% of available funds in digital assets, particularly Bitcoin. If Democratic Governor Katie Hobbs signs the bill, Arizona will become the first state to require public funds to invest in Bitcoin. The bill was jointly proposed by Republican Senator Wendy Rogers and Representative Jeff Weninger.