Legislative proposals for the creation of a digital asset reserve fund are advancing in Arizona.
Arizona ranks second after Utah in the race among U.S. states to approve laws on digital asset investments.
On February 27, the Arizona Senate approved the “Strategic Digital Assets Reserve” (SB 1373) bill in its third reading with 17 votes in favor and 12 against. The measure, now headed to the State House, would establish a Strategic Digital Assets Reserve Fund managed by the state treasurer, consisting of both legislatively allocated funds and cryptocurrencies seized by the state.
According to the bill, the treasurer would not be allowed to invest more than 10% of the fund’s total deposits in any fiscal year but could lend digital assets from the fund to generate returns, provided it does not increase financial risks for the state.
Dennis Porter, founder of Satoshi Action Fund, commented on X:
In parallel, a second bill (SB 1025) concerning a strategic Bitcoin reserve is making progress in the Arizona Senate. The Strategic Bitcoin Reserve Act (SB 1025), co-sponsored by Republican Senator Wendy Rogers and Representative Jeff Weninger, was approved by the Senate Finance Committee with a 5-2 vote.
While the bill sponsored by Senator Mark Finchem focuses on creating a specialized fund for seized digital assets and allocated funds, the proposal by Rogers and Weninger would allow the state to invest up to 10% of public funds in digital assets.
