public monies; investment; virtual currency

SB 1025, the "Arizona Strategic Bitcoin Reserve Act," allows Arizona's state treasurer and retirement systems to invest up to 10% of public funds in virtual currency (like Bitcoin). It creates a mechanism for storing these holdings in a secure, segregated account within a federal "strategic bitcoin reserve" if one is established by the U.S. Treasury. The bill defines "public fund" as the state treasurer or retirement systems (as defined under Title 38) and clarifies "virtual currency" as digital value functioning as money. The bill passed the legislature but was vetoed by the governor on May 2, 2025, so it did not become law.