State Treasurer, investment of funds in digital assets

HB 482 allows Alabama's State Treasurer to invest up to 10% of certain state funds in digital assets, including cryptocurrencies, stablecoins, or exchange-traded products (ETPs). It requires these assets to either be ETPs or have a minimum $750 billion market cap, and mandates strict security through "secure custody solutions" that keep private keys exclusively controlled by the state in encrypted, geographically diversified facilities. The bill prohibits the Treasurer from investing more than 10% of any fund's balance in digital assets and restricts loans of these assets unless financial risk is assessed. It becomes effective October 1, 2025, after legislative committee review.