SB1373

THE CONTEXT: Statute authorizes and provides guidelines for the State Treasurer to manage investments of public monies including for the beneficiaries of the State Land Trust, Local Governments and Political Subdivisions of the State and for the State of Arizona and its respective agencies. The State Treasurer is responsible for the safekeeping of all securities for which the State Treasurer is the lawful custodian and must invest and reinvest trust and treasury monies in any statutory-outlined investments.

WHAT THE BILL DID: The final vetoed version would establish the Fund consisting of monies appropriated by the Legislature and digital assets seized by this state, instruct the State Treasurer to: a) deposit seized digital assets in the Fund: i; through the use of a secure custody solution by a qualified custodian; or ii; in a form of an exchange traded product issued by a state registered investment company; b) administer the fund, and asserts that monies in the Fund are continuously appropriated and exempt from lapsing.

WHY IT MATTERED: The practical reason for this bill was to put public resources toward the named state purpose through an accountable appropriation. It would establish the Fund consisting of monies appropriated by the Legislature and digital assets seized by this state, and would also instruct the State Treasurer to: a) deposit seized digital assets in the Fund: i. through the use of a secure custody solution by a qualified custodian; or ii. in a form of an exchange traded product issued by a state registered investment company. b) administer the fund, rather than leave the current rule unchanged.