If enacted, this bill would amend current statutes by adding a new article to Title 35, Chapter 2 of the Arizona Revised Statutes, specifically creating Article 2.2, titled "Arizona Strategic Digital Asset Reserve." The bill would allow public funds, defined as the State Treasurer or a retirement system, to invest up to 10 percent of the public monies under their control in virtual currency holdings. Additionally, it would permit these funds to store their virtual currency holdings in a secure segregated account within a strategic bitcoin reserve, should the U.S. Secretary of the Treasury establish one.

The bill also introduces definitions for key terms such as "virtual currency," which includes stablecoins but excludes legal tender issued by the U.S. or foreign governments, and "stablecoin," which is defined in accordance with federal law. The legislation would be officially titled the "Arizona Strategic Digital Asset Reserve Act" and would become effective on the general effective date. Overall, the bill aims to modernize investment strategies for public funds by incorporating virtual currencies into their portfolios.

Statutes affected:
Senate Engrossed Version: