|
Senate Engrossed
public monies; investment; virtual currency |
|
State of Arizona Senate Fifty-seventh Legislature Second Regular Session 2026
|
|
SENATE BILL 1042 |
|
|
|
|
AN ACT
amending title 35, chapter 2, Arizona Revised Statutes, by adding article 2.2; relating to management of public monies.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1.1. Title
35, chapter 2, Arizona Revised Statutes, is amended by adding article 2.2, to
read:
ARTICLE 2.2. Arizona STRATEGIC digital asset RESERVE
35-331. Public monies; investment; virtual currency; reserves; definitions
A. In addition to the investment authority in articles 2 and 2.1 of this chapter, a public fund may invest not more than ten percent of the public monies under its control in virtual currency holdings.
B. If the United States secretary of the treasury establishes a strategic bitcoin reserve for the storage of government bitcoin holdings, a public fund may store the virtual currency holdings of the public fund in a secure SEGREGATED account within the strategic bitcoin reserve.
C. for the purposes of this section:
1. "Public fund" means the state treasurer or a retirement system.
2. "Retirement system" means a retirement plan or system that is established by or pursuant to title 38.
3. "Virtual currency" means a digital representation of value that functions as a medium of exchange, a unit of account and a store of value and includes stablecoins. virtual currency does not include legal tender issued by the united states or a foreign government.
4. "stablecoin" means a payment stablecoin as defined in the guiding and establishing national innovation for U.s. stablecoins (genius) act of 2025 (p.l. 119-27) and that is issued in compliance with all applicable federal laws governing such issuance.
Sec. 2.2. Short
title
This act may be cited as the "Arizona Strategic Digital Asset Reserve Act".