Arizona digital asset reserve bill passes House committee

 "Strategic Digital Asset Reserve Act" in Arizona (referred to as "SB 1373") was passed by the House Committee on Thursday. Currently, the bill still needs to go through three readings and a full vote before it can be sent to the governor for final approval. The SB 1373 bill proposes the establishment of a digital asset strategic reserve fund, which will be composed of appropriations from the legislative body and confiscated cryptocurrency assets by the authorities. The bill states that the state treasurer will be allowed to deposit confiscated cryptocurrencies into the fund through qualified custody solutions or state-registered exchanges, and the treasurer can borrow digital assets from the fund for additional returns. The bill states, "The state treasurer shall not invest an amount exceeding 10% of the total deposits in the fund in any fiscal year."