On April 28, 2023, the Arizona state legislature made significant progress by passing two key bills that pave the way for the state to establish Bitcoin and digital asset reserves. Senate Bill 1025 amends regulations to allow for the establishment of strategic Bitcoin reserves; the other bill authorizes the Treasurer to allocate up to 10% of public funds to virtual currencies like Bitcoin, and also sets provisions for the sources of reserve funds and risk control. If this initiative is signed by the governor, Arizona will become the first state in the U.S. to establish Bitcoin reserves.