PHX Reporter

State Representative Jeff Weninger, who chairs the Arizona House of Representatives' Committee on Commerce, is spearheading a legislative initiative aimed at positioning Arizona as a leader in blockchain and digital asset innovation. The proposed legislative package includes several key measures designed to promote economic growth and technological advancement in the state.

Among the initiatives is the creation of a statewide Bitcoin and Digital Asset Reserve Fund, which will be managed by the state Treasurer's office. "Arizona is on the brink of becoming a national hub for blockchain and digital asset innovation. These bills represent our commitment to fostering an environment that not only embraces modern technology but also drives economic benefits across the state," said Chairman Weninger.

The proposed bills have passed out of committee and are now awaiting a vote by the full House. They aim to transform Arizona's approach to digital assets and blockchain technology. Key components include:

- The establishment of the Bitcoin and Digital Asset Reserve Fund, which will utilize forfeited digital assets, airdrops, staking rewards, and interest from unclaimed digital assets to support economic initiatives (HB2324 and HB2749).

- Expansion of the Financial Technology Regulatory Sandbox to allow more extensive testing of innovative financial products and digital assets (HB2906).

- Creation of the Arizona Cryptocurrency and Blockchain Commission to develop strategies for integrating blockchain technology into state operations (HB2654).

An Ad Hoc Committee on Cryptocurrency and Blockchain Technology has been established by Speaker Steve Montenegro to advise on blockchain integration until HB2654 is passed.

Jeff Weninger is a Republican member of the Arizona House representing Legislative District 13, which includes Chandler, Gilbert, and Sun Lakes. He also owns a small business. Follow him on X at @JeffWeninger.

Information from this article can be found here.