House Bill No. by Representative Wright seeks to amend the current law regarding the Budget Stabilization Fund by authorizing the state treasurer to invest up to five percent of the fund's balance in precious metals and digital assets. The bill introduces new legal language that defines "digital assets" as assets existing only in digital form, including virtual currencies and cryptocurrencies, and "precious metals" as gold, silver, or platinum in various forms. It also outlines the methods for holding these assets, which include custody by a qualified custodian, as exchange-traded products, or in physical form for precious metals.

Additionally, the bill specifies the criteria for what constitutes a "qualified custodian" and an "exchange-traded product," ensuring that investments are made in a regulated and secure manner. The proposed law will take effect only if a related constitutional amendment is adopted in a statewide election. Overall, this legislation aims to diversify the investment strategy of the Budget Stabilization Fund while providing clear definitions and guidelines for the management of these new asset types.