Arizona is advancing its Digital Assets Strategic Reserve Fund, known as SB1307, which has passed initial approval stages.
Advancement of SB1307
The proposed SB1307 fund has received support from the House Committee of the Whole, allowing it to advance to the final voting phase. The fund will be managed by the state treasurer and will consist of assets seized by the state and funds approved by the legislature. No more than 10% of the fund may be invested in digital assets annually.
Potential Obstacles
Despite the advancement of SB1307, the fund may face obstacles. Governor Katie Hobbs has stated her intention to veto bills if the legislature does not prioritize disability funding. Last week, she rejected 15 bills, which could impact future initiatives, including the creation of a crypto reserve fund.
Expansion of Initiatives in Other States
Arizona continues to lead in the adoption of digital assets among all 50 states. Other states like New Hampshire and Texas are also advancing their initiatives, currently under secondary committee reviews, while Oklahoma has failed to move a similar proposal.
The establishment of a digital assets reserve fund in Arizona could be a significant step towards legitimizing cryptocurrencies and expanding their use at the state level.
