Hey, it’s Marc,

I've been tracking every state Bitcoin reserve bill for the past year. They all do the same thing: buy Bitcoin, hold Bitcoin, repeat. Arizona apparently found that boring.

Two bills just cleared committee that would let the state treasurer lend seized crypto for yield. Also, $7.43B of public pension money is now eligible for crypto. Celsius died doing this. Arizona wants to try it with retirement funds. [RELEASE]

The Signal: U.S. public capital (treasuries and pensions) is starting to get explicit legal mandates and allocation bands for holding crypto directly, which de‑risks governance for other allocators to follow with small, policy‑backed exposures.

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What happened

Two Arizona bills cleared the House Rules Committee.