SE Valley Times

State Representative Jeff Weninger, who chairs the Arizona House of Representatives' Committee on Commerce, is leading efforts to position Arizona as a leader in blockchain and digital innovation. A series of bills, which have passed out of committee and are now awaiting a full House vote, aim to enhance economic growth through technology.

"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 legislative package includes several key initiatives:

- The creation of a Bitcoin and Digital Asset Reserve Fund, managed by the state Treasurer’s office. This fund 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. Updates will allow more extensive testing of innovative financial products and digital assets (HB2906).

- Establishment of the Arizona Cryptocurrency and Blockchain Commission. This commission will develop strategies to integrate blockchain technology into state operations (HB2654).

Until the commission is fully established through HB2654's passage, an Ad Hoc Committee on Cryptocurrency and Blockchain Technology will advise on integrating blockchain technology statewide.

Jeff Weninger serves Legislative District 13 in Chandler, Gilbert, and Sun Lakes as a Republican member of the Arizona House of Representatives. He also owns a small business and chairs the House Commerce Committee. Follow him on X at @JeffWeninger.

Information from this article can be found here.