Arizona Digital Asset Reserve Bill Passes in House Committee

BlockBeats News, April 18th, According to The Block, Arizona's "Strategic Digital Asset Reserve Act" (referred to as "SB 1373") was approved by a House committee on Thursday. Currently, the bill still needs to go through three readings and a full vote before it can be sent to the governor for final approval.

The SB 1373 bill proposes the establishment of a digital asset strategic reserve fund, which will consist of appropriations from the legislature and confiscated crypto assets by authorities. The bill specifies that the State Treasurer will be allowed to deposit confiscated cryptocurrencies into the fund through qualified custody solutions or state-registered exchanges, and the Treasurer may borrow digital assets from the fund to generate additional returns.

The bill states, "The State Treasurer shall not invest an amount in any fiscal year that exceeds 10% of the total deposits of the fund."