Establishes a digital assets strategic reserve fund in Arizona to hold seized digital assets and investments.
Arizona SB1649 establishes the digital assets strategic reserve fund, which will hold monies appropriated by the legislature and digital assets seized by the state. The state treasurer will administer the fund, which can invest in digital assets and loan them out if it does not increase financial risks to the state. The bill defines terms such as "cryptocurrency fair value," "cryptographic private key," "digital asset," "exchange-traded product," "qualified custodian," and "secure custody solution." The fund aims to provide security and stability in the marketplace using a digital gold.
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