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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
Senate: FIN DP 4-2-1-0|Third Read 16-13-1-0-0 |
SB1649: digital assets strategic reserve fund
Sponsor: Senator Finchem, LD 1
Committee on Commerce
Overview
Establishes the Digital Assets Strategic Reserve Fund (Fund), to be managed by the State Treasurer for the custody, investment and lending of state-held digital assets.
History
The State Treasurer is authorized to manage the investment and distribution of public monies for state and local agencies. The State Treasurer administers the Bitcoin and Digital Assets Reserve Fund which consists of any airdrops or rewards from staking the digit asset by a qualified custodian. The State Treasurer is responsible for depositing 10% of the digital assets held in the fund in the state General Fund, excluding bitcoin (A.R.S. § 41-180).
Provisions
1. Establishes the Fund consisting of digital assets that are held by, confiscated by or surrendered to this State. (Sec. 1)
2. Requires the State Treasurer to administer the Fund and deposit digital assets in the Fund through the use of a secure custody solution by a qualified custodian or in a form of an exchange-traded product issued by an investment company registered in Arizona. (Sec. 1)
3. Authorizes the State Treasurer to:
a. invest the total amount of monies deposited in the Fund in any fiscal year; and
b. loan digital assets from the Fund to generate additional returns if the loan does not increase any financial risks to this State. (Sec. 1)
4. Expands the definition of qualified custodian, as used in statute relating to abandoned property, to include a technology provider of a secure custody solution. (Sec. 2)
5. Defines pertinent terms. (Sec. 1, 2)
6. Contains a legislative findings clause. (Sec. 3)
7. Makes a technical change. (Sec. 2)
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Initials PB/ZE SB 1649
3/18/2026 Page 0 Commerce
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