Arizona’s House Approves Crypto Reserve Bill

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Arizona’s efforts to incorporate digital assets into its financial infrastructure are approaching a critical point as the crypto reserve bill advances.

The Strategic Digital Assets Reserve Bill (SB 1373) was approved on April 17 and awaits one final vote before being presented to Governor Katie Hobbs for approval.

The bill proposes the establishment of a Digital Assets Strategic Reserve Fund, composed of digital assets seized during criminal proceedings, to be managed by the state’s treasurer.

The treasurer would be authorized to invest up to 10% of the fund in digital assets annually and could also lend fund assets to generate returns, as long as it doesn’t increase financial risk.

Although the bill has cleared the House committee stage, its future remains uncertain.