Arizona Senate Approves Strategic Digital Assets Reserve Bill, Advances to House
The Arizona Senate advanced a bill to create a state-managed reserve for seized bitcoin, passing SB 1373 by a 17-12 vote on Feb. 27 and sending it to the House for further consideration.
The Strategic Digital Assets Reserve bill establishes a fund overseen by the state treasurer to hold bitcoin confiscated by law enforcement and money allocated by the legislature. Under the bill, the treasurer may invest up to 10% of the fund’s deposits in bitcoin annually and possibly loan them to generate returns, provided such actions do not heighten financial risks.
SB 1373 differs from a related proposal, SB 1025, which seeks to allow state entities to invest public funds in bitcoin. Instead, SB 1373 focuses on managing assets already in state custody, such as those seized during criminal investigations.