The Arizona State Senate has announced the passage of Senate Bill 1373, which aims to establish a Digital Assets Strategic Reserve Fund. This development marks a significant step in integrating digital assets into the state's financial reserves. The announcement was made on February 27 via their official website.
According to the Arizona legislative website, the Senate approved SB1373 with a 17-12 vote. The legislation proposes creating a fund managed by the state treasurer, consisting of monies appropriated by the legislature and digital assets seized by the state. The bill now proceeds to the Arizona House of Representatives for further consideration.
In a similar vein, Utah's House Economic Development Committee passed HB 230 in January. This bill authorizes the state treasurer to invest up to 5% of certain public funds in digital assets such as Bitcoin. It also allows for staking and lending of digital assets under specified conditions. According to BTC Times, this move positions Utah as a leader among U.S. states in incorporating cryptocurrency into public investment portfolios.
The Arizona State Senate is an integral part of the Arizona Legislature, comprising 30 senators who represent 30 legislative districts. It is tasked with enacting laws, approving the state budget, and confirming gubernatorial appointments. The Senate plays a pivotal role in shaping Arizona's legislative agenda, including efforts related to digital asset regulation and investment.
