Arizona digital asset reserve bill passes House committee

Mars Finance News, on April 18, according to The Block, the "Strategic Digital Asset Reserve Act" (abbreviated as "SB 1373") in Arizona has been approved by the House Committee on Thursday. Currently, the bill still needs to go through three readings and a full vote before being sent to the governor for final approval. The SB 1373 bill proposes establishing a digital asset strategic reserve fund, which will be composed of legislative appropriations and crypto assets seized by authorities. The bill states that the state treasurer will be allowed to deposit seized cryptocurrencies into the fund through qualified custody solutions or state-registered exchange-traded products, and the treasurer can borrow digital assets from the fund to obtain additional returns. The bill stipulates that "the state treasurer's investment amount shall not exceed 10% of the total deposits in the fund in any fiscal year."