#Arizona

Arizona Strategic Digital Asset Reserve Bill Senate Bill 1373💯

This bill seeks to establish a Strategic Digital Asset Reserve Fund for the state of Arizona. This fund would be composed of

➡️Money allocated by the legislature.

➡️Digital assets seized by the State.

➡️Investment in digital assets: The bill allows the state treasurer to invest annually up to 10% of the total amount of money deposited in the fund in digital assets.

Eligible digital assets the definition of "digital assets" in the bill is broad and includes 🤔

➡️Virtual currency

➡️Cryptocurrency (including Bitcoin)

➡️Stablecoins

➡️Non-fungible tokens (NFTs)

The state treasurer must deposit the seized digital assets into the fund using secure custody solutions provided by qualified custodians or in the form of exchange-traded products (ETPs) issued by investment companies registered in Arizona.

The bill also allows the state treasurer to lend digital assets from the fund to generate additional returns, as long as it does not increase financial risks to the state.

SB 1373 has been approved by both the Senate and the House of Representatives of Arizona. The final step for its enactment is the signature of Governor Katie Hobbs.

Arizona is about to enact significant legislation on digital assets, with bills allowing state investment in Bitcoin and a wider range of digital assets awaiting the governor's signature. This situation is developing, and the final outcome will depend on the governor's decision.