digital assets strategic reserve fund
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill establishes the Digital Assets Strategic Reserve Fund within the Arizona State Treasurer’s office. The fund will hold digital assets, including cryptocurrencies, that are either held, confiscated, or surrendered to the state. It outlines specific requirements for managing these assets, including secure custody solutions, investment strategies, and loan provisions, while also defining key terms related to digital assets like cryptocurrency fair value and qualified custodians. The bill also modifies existing procedures for handling abandoned property to accommodate digital assets.
Key provisions
- Creates the Digital Assets Strategic Reserve Fund to hold state-owned digital assets.
- Specifies requirements for secure custody solutions, including cryptographic key security and disaster recovery protocols.
- Allows the State Treasurer to invest funds in the reserve fund.
- Defines key terms related to digital assets, such as ‘Cryptocurrency fair value’ and ‘Qualified custodian’.
- Modifies procedures for handling abandoned property to include digital assets.
- Outlines a process for transferring airdrops and staking rewards from digital assets to a separate fund.
- Requires the delivery of digital assets to a designated qualified custodian within 30 days of reporting abandonment.
- Establishes a benchmark based on the ‘digital gold standard’ for evaluating cryptocurrency performance.
Who is affected
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Primary sponsor
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