Arizona State Legislature Passes Digital Assets Reserve Fund Bill

The Arizona State Treasury is taking steps towards integrating digital assets into its reserve strategies. A recently passed bill authorizes the State Treasurer to manage a fund holding seized or allocated digital assets, including cryptocurrencies and non-fungible tokens (NFTs).

The bill, which was voted on 4-2 in the state legislature, aims to provide a framework for structuring the management of these assets under state oversight. This move is significant as it demonstrates a willingness by Arizona to explore new financial tools and strategies.

The Digital Assets Strategic Reserve Fund will reportedly hold various types of digital assets with economic or access rights, such as Bitcoin, DigiByte, XRP, stablecoins, and NFTs. The bill emphasizes that the investment of these assets will not increase financial risk to taxpayers.