The Arizona Digital Asset Reserve Bill has been passed by a House committee

Arizona's Strategic Digital Asset Reserve Act, or "SB 1373" for short, passed a House committee on Thursday. Currently, the bill is subject to a third reading and a full vote before it can be sent to the governor for final approval. Bill SB 1373 proposes the creation of a Digital Asset Strategic Reserve Fund, which would consist of cryptoassets appropriated by the Legislature and seized by authorities. The bill states that the state treasurer would be allowed to deposit seized cryptocurrencies into the fund through a qualified custodian solution or a state-registered exchange-traded product, and that the treasurer could borrow digital assets from the fund for additional returns. The bill states that "the amount invested by the state treasurer in any financial year shall not exceed 10 percent of the total deposits in the fund."