Arizona's SB 1373 would create the first state digital asset reserve from seized crypto. Learn how this landmark bill could reshape treasury
Arizona's New Strategic Digital Asset Reserve Bill and Its Implications for State Treasury: Key Final Vote Updates
Do you want to know about what the State of Arizona is planning to do in the cryptocurrency world? After all, the Arizona Strategic Digital Assets Reserve Bill (SB 1373) is heading toward a prominent final House vote that could change the way that respective state treasuries deal with digital assets.
This groundbreaking piece of legislation is geared towards creating a special reserve fund that draws from seized criminal digital assets. In this regard, the tentative bill empowers the state treasurer to invest an annual maximum of 10% of the said special fund’s resources in digital assets. The State of Arizona is gradually gearing itself to become a step ahead of its contemporaneous states such as New Hampshire and Texas in establishing state-backed digital asset reserves as the law awaits approval.
However, this story way transcends the surface view. There are other issues to consider like the cryptocurrency-oriented laws that are likely to come up alongside the bill or the political challenges that the bill may encounter from Governor Katie Hobbs’ veto power. The future is promising and is full of twists and turns as it pertains to the pending legislation. Whether you are all for cryptocurrency or are simply a curious observer of state-level financial innovations, it is still ever so necessary to be aware of the fundamental developments presently underway.
Let us thoroughly analyze the implications of this groundbreaking legislation for Arizona’s treasury management and the possible domino effects that such changes can lead to in other states across the nation.
Learn More about Arizona’s Strategic Digital Asset Reserve Bill (SB 1373)
Arizona is garnering attention in the world of cryptocurrency with a very innovative piece of legislation referred to as the Strategic Digital Asset Reserve Bill, also identified as SB 1373. The bill proposes the establishment of a strategic reserve meant to support the buying and selling of digital assets and to protect them from taxes and other restrictions on buying and selling. Such provisions if implemented may establish the ground for the actual realization of state-backed digital asset reserves that could allow the state of Arizona to become the first-ever state in the U.S. to work towards such an innovative strategy on digital assets.
Moreover, this bill provides the establishment of the strategic reserve fund to be the state fund for holding, buying, and selling of digital assets derived from seized criminal digital economic activity. The digital economic activity entails criminal activity which is what edge overlots are and consequently confiscated through legal action so that Arizona can seize the assets complimentary to the laws and regulations of the United States government. The good news is that the operations and management of the strategic reserve fund would be as follows: the Arizona state treasurer would be the custodian of the said fund and would manage the fund and its resources primarily as an investment fund. Given the proposed strategic reserve fund, so any additional variable digital assets such as which must be defined
This innovative bill represents a significant shift in how state governments approach digital assets management, transforming an archaic system into one that is well-fitted to meet the current and future requirements of digital currency management and acquisition.
Think of it as creating a specialized state piggy bank, but instead of coins and paper cash, it is filled up with cryptocurrency seized from criminals or mischief-makers arrested in the line of duty; this state-of-the-art fund maybe akin to a new-age fortress for state-held cryptos when put into effect.
In essence, this is the first piece of its kind legislation to be introduced in the U.S., and if adopted, it could potentially revolutionize how U.S. states handle such intricate and complex instruments like digital assets held in their treasuries.
Fund would work along the same lines as the conventional state investment portfolios, but with a modern, digital twist that promises unprecedented potential for returns on investment for Arizona.
To put this into context, as in the present-day state investments in stocks and bonds, likewise this bill has the potential to permit Arizona a chance of managing and expanding a portfolio of diverse cryptocurrencies which would be valuable to its economy in the age of borderless transactions.
This proposed digital asset proposal is not merely about the storage of cryptocurrencies nor does it intend using other states’ deposits for profit; however, it is wider than that, it aims at making Arizona an innovation hub and leader in the field of finance.
By taking the lead and adopting this progressive act, Arizona may well be on its way to positioning itself as a state that truly embraces technology, putting its treasury at par with some of these firms whose business models depend solely on attrition, and attracting digital natives who live by “the cloud” and want a 21st-century friendly state.
The innovative attitude of the state could put an attractive model that other states may copy in their operations with a view to modernizing their treasury management systems, thus heralding a new era for state treasuries throughout America, proffering the new view of what the USA should be regarding the present-day economies of the world.
Key Takeaways: Arizona’s Strategic Digital Assets Reserve Bill is a groundbreaking effort at state-level cryptocurrency management, creating a model for government engagement with digital assets that could lead to broader public acceptance and legislative change in the future.
Legislative Journey and Current Status
The bill has faced a number of legislative challenges but has remained resilient in the face of these obstacles; it is now on the verge of being voted on by the House of Representatives with
The floor vote marks the end of a series of long deliberations, exceptional thinking, and tireless refinements that have been done in the past few months. Look at the process of the bill’s journey in legislative chambers as a huge relay race. In the last stages of this great quest, everybody focuses on the House of Representatives solely for the critical final approval of this bill like the last metres in the race.)
The Strategic Digital Assets Reserve Bill looks set for its all-important final vote. Key Takeaways In summary, the Strategic Digital Assets Reserve Bill has successfully gone through the legislative process in Arizona and is now ready for the all-important final vote on the same.
Key Components of SB 1373
The bill introduces some radical innovations that may transform the treasury management landscape at the state level. At the heart of the legislation is the establishment of a reserve fund to be known as the Strategic Digital Assets Reserve Fund, whose investments would be entirely in digital assets.
This pilot comprehensive digital asset public fund, which would be under the overall direction of the state treasurer, would invest in a diversified basket of digital assets, that would be Barber closely guided. The primary guiding issues for this fund would include:
The new proposal would provide for annual investment by the state of up to 10% in digital assets in the fund. The Digital Assets Fund shall be in a position to capitalize on the growth prospects of the digital asset space without being overly aggressive or risking losses in the market.
The fund will have well-defined and stringent measures for risk management in order to ensure proper stewardship and management of the digital asset’s ecosystem. These measures will encompass constant monitoring of moves in the market as well as exposure and probabilities of the risks posed by the digital assets to ensure the safety of and continuity of the fund.
Politically, smart acquisition of the assets is the most effective method for generating the assets of the fund. Soon their fund will mainly be utilized by the confiscated cryptocurrencies that have been recognized by the law for quite a time now.
You know, changing the ownership of those confiscated digital assets to a public good will very much look like involving the revenue from the cash seized currently into the coffers of the state.
In the future, with the continued maturity of the digital assets fund as well as the common knowledge of finance and digital assets in Arizona, the fund will become the digital asset fund in the country, becoming an influential leader on the
This approach creates a unique opportunity to transform criminal proceeds into public benefits. The concept of converting money that has been gathered through illegal activities into something that can be of use to the society is not simply new; it is revolutionary. Instead of letting the evil act of these criminals be used to the detriment of the people – the general public, by virtue of creating some form of gain that is dubious – the state is making quite a daring endeavor of letting these funds be put to better use by the citizens and the society at large.
💡 Key Takeaways: SB 1373 establishes a comprehensive framework for managing seized digital assets, combining innovative investment strategies with prudent public finance management. In general, this piece of legislation defines a definite as well as thorough rulebook for putting to smart as well as accountable use for making investments as well as managing digital assets seized by the state’s authorities. In spite of the exhilarating character of this legislative work that was tabled, the legislators appear to have maintained their focus and composed themselves in order to strike a balance between the requirement to break the traditional barriers of government finance with things that are developing and at the same time require a prudent and mkadged approach.
Investment Limitations and Guidelines
The bill implements careful restrictions to ensure responsible public finance management. To be able not to engage in speculative investment practices, it is critical the Senate Bill 1373 outlines a set of terms for the management of the funds so that the inclusion of the same is in compliance with the general principles regarding the management of public finance. It involves a prudent as well as responsible course of action that will protect the interests of the residents and the integrity of the state’s finances as well.
State fund investments must adhere to strict risk assessment protocols. Yet, even if these principles were established, the uniqueness that is found in digital assets means that these principles still had to be carefully applied in general. For example, in the vocational sphere about investments at the state level, the State Treasurer will have to analyze certain factors, such as market fluctuation, volatility, and liquidity, before deciding to invest.
These guidelines mirror traditional investment rules while accommodating the unique nature of digital assets. The Bill does not have an easy way out as it appears to directly address the uniqueness of digital assets while sticking to practical investment principles and maintaining a comprehensive
💡 Key Takeaways: The strategic legislative framework for both cryptocurrency and Bitcoin in Arizona shows foresight where other states are still debating on these issues.
Arizona's Leadership in Crypto Regulation
In the present context, when the whole world is moving towards the digital constitution of currency, it is no surprise that Arizona is ready to be the first state in the US to come up with a proper system that will count as a crypto-based reserve.
With this kind of leadership stance, Arizona is miles ahead of its closest rival when it comes to the state-wide adoption of cryptocurrencies, and thus can be considered a benchmark and icon in efficient practice for other states.
The mechanism by which Arizona regulates this environment aims for a long-term solution to the digital assets industry, making the framework adaptable to any challenges encountered in the future.
Indeed, with any activity being seen as important in this modern age, the region has been busy developing its own cryptocurrency since other areas have just started questioning its possible implementation thereby showing an amazing financial predictive ability.
The recent push by Arizona to introduce cryptocurrency inclusion shows not just insight on how the world of money is changing but actually embracing these changes and immediately taking action where other states even think about it.
💡 Key Takeaways: Through its strategic steps in regulating cryptocurrency, Arizona has not only put itself on the US map as a national leader but also set high standards for states regarding the handling of digital assets.
Comparison with Other States
Other states have also made efforts in the field of cryptocurrency, although they have had differing levels and strategies from what Arizona has put forward.
To some extent, New Hampshire has initiated laws that are similar to, but less extensive in scope, than those of Arizona.
North Dakota and Oklahoma's Strategic Bitcoin Reserve Act illustrates that these two states are compared at different phases on the cryptocurrency journey.
On this note, Utah has established a measure that instead exhibits restraint in rooting cryptocurrency into the overall economy.
💡 Key Takeaways: As other states contemplate fiscal legislation on cryptocurrency, Arizona appears unique in its comprehensive and foundational approach to becoming an early adopter
Political Challenges and Potential Roadblocks
Despite the overwhelming legislative support in favor of the bill's passage, Governor Katie Hobbs still has an important role to play, as she possesses the veto power which would put a halt to the bill. This means that this legislation could change the course of the Arizona economy as well as the outlook of digital assets in America. This legislation could if implemented under the correct circumstances give the people of Arizona a chance to own and produce their own types of digital currencies hence giving value to resident’s currency as well as establishing a basis for the issuance of those currencies that might have an effect on the economy of America.
At the current governor's desk, it will be seen whether the state will continue to positively support the passage of the law on digital currencies or become negative. The current abilities of the bill are seen as being able to affect the direction of how Arizona economy and America as a whole will be moving. This legislation if wisely implemented will allow the citizens of Arizona to produce and even to spend cryptocurrencies and digital currencies that will give value to the money of the residents and create a platform for possible issuance of those currencies that will trigger growth in the economy of the state and the nation.
Given the presents political landscape, it is likely that there will be challenges in implementing this legislation as some variables are constantly determined by time. The present standing of the political environment poses the risk that there may still yet be some challenges before this remarkable legislation can be implemented. One example of this can be the governor's lack of support for inventive financing ideas similar to the ones embraced by the law. Following a pattern of such sorts, similar policies being proposed may meet some kind of resistance as well from the present governor.
All these factors surrounding the State’s budget could affect the decision that would be made on this matter of concern. The present state budget issues limiting the budget usage with an emphasis on appropriateness may act as a liability to the acceptance and realization of this innovative law. This could create a likelihood that the state would not be capable of financing the infrastructure of the law intended for the creating and implementing of new digital currencies.
Nevertheless, Looking at the bigger picture, it is very important to understand that even with considerable legislative endorsement, the approval from the executive part of the government will be needed for the total realization of the new bill. The future of the Regulation of Digital Assets in Arizona is as dependent on the office of the governor as it is with the legislature. It is from the actions and decisions of the executive that the
The organized and anticipated framework for the management and distribution of seized digital assets, through the establishment of a strategic reserve fund and specific investment limitations is a first not only for Arizona but sets a precedent for others states. While there are still existing political constraints, especially concerning Governor Katie Hobbs’ position, the passage of the bill through the various legislative stages indicates a growing acceptance of the importance of cryptocurrency as a viable financial mechanism for the public sector.
Breaking: Arizona’s Landmark Crypto Reserve Bill Advances - What This Means for State Treasury [Final Vote Updates]
Are you intrigued by the exciting happenings in the state of Arizona in the independence of the crypto industry? The Strategic Digital Asset Reserve Bill (S.B. 1373) is a piece of legislation that is rapidly approaching the final vote in the House of Representatives and is poised to change the manner in which state treasuries allocated and manage digital assets beyond the realm of imagination.
This extraordinary piece of legislation aims to generate a revolutionary fund from the proceeds of seized malicious digital assets, bestowing the state treasurer with the ability to allocate and invest around 10% of the reserve in the digital assets yearly. As the bill advances progressively toward finality, Arizona is setting itself up to compete with states such as Texas and New Hampshire, who are leading the pack in terms of ambitious public institutions having state-proposed digital asset reserves.
But the story is ever more fascinating than the above mentioned mere basics. With legislation coming out specifically for Bitcoin seemingly behind the scenes, also the proposition of political obstacles with Governor Katie Hobbs’ veto power in consideration, the road towards the bill’s full enforcement is both exhilarating as well as baffling. Whether you are an ardent believer in the possibilities of crypto or just an individual who is intrigued by innovations and the remodeling of the state’s financial systems, it is critical that you keep an active eye into the direction that these developments and events are heading.
The digitization of the economy renders Arizona's legislative measure as a game-changer in public finance management and resource optimization for state governments when it comes to digital assets.
Arizona's Strategic Digital Asset Reserve Bill Explained in Simple Terms
The state government of Arizona has introduced an innovative piece of legislation that aims at establishing a comprehensive approach towards the management of cryptocurrency in Government service with an eye to future potential growth.
To put it in simpler terms, if you have ever eyed SEC with fascination monitoring the advent of Cryptocurrencies over the past decade, think of this as a Solar Panel applied to Current Arizona's State’s Piggy Bank of sorts: Using what was previously toxic and considered illegal (the cryptographic currencies seized from illegal operations) and flipping it into solar panels to be used in providing energy that will ultimately serve to create jobs for more people for the society.
Although such a law will be a first for any state in the United States, the passage thereof will signal the transformation in regard to how the government of the United States manages digital currency in its treasury.
Similar to how public funding in Arizona is pooled in various traditional investment portfolios, the fund that is now being proposed will differentiate itself as an innovative solution to this system.
To put it clearly, like traditional investments by state governments in stocks, bonds, and real estate, the legislature proposed by Arizona would allow for management and expansion of a range of digital coins that characterize today’s crypto market.
This digital asset proposal isn't just about storing crypto - it's about positioning Arizona at the forefront of financial innovation.
Clearly, this is not merely about keeping cryptocurrencies in cold storage; it is also about the bold vision that puts Arizona towards pole position when it comes to development that entails the adoption of ultra-modern technologies for finance, investment, and state processes.
Aside from utilizing cryptos, other states can take a cue from what has been made available as well as consider integration into their own treasury frameworks.
Almost like a friendly nudge then, Santa Fe has something to ponder upon if it wants to be a progressive state that embraces new technologies and values of the digital age.
💡 Key Takeaways: Arizona is weighty regarding the analytical nature spectral, the incredible start of its Strategic Digital Assets Reserve Bill that could regenerate the way states handle cryptocurrencies and digital resources, thus completely redirecting the definition of state government’s connection with these emerging forms of value.
Legislative Journey and Current Status
The Arizona House of Representatives has been pursuing the bill momentously through several legislative bottlenecks and hurdles, and it is now approaching the point where a full House vote is the last remaining step left for the legislation to become law.
After the bill was previously approved by the House Committee of the Whole, the legislation now has nowhere else to go but for complete approval.
The next floor vote is the finalization of months worth of painstaking deliberation and refinement that have been carried out on the bill by the representatives.
Just imagine this bill’s legislative journey as being compared to that of a relay racing team running sprint after sprint in order to get to the finish line with every checkpoint the team passes on its way representing the respective legislative checkpoint of Arizona.
Currently, in this final sprint leg, all eyes have turned towards the House of Representatives in expectation and anticipation of receiving a thumbs up for the crucial final approval in the history of Arizona legislation.
💡 Key Takeaways: The Strategic Digital Assets Reserve Bill has demonstrated strong momentum through Arizona's legislative process, fascinatingly waiting now for its all-important deciding full approval vote thus proving its significance in the financial sector of Arizona.
Key Components of SB 1373
The bill not only consists of some highly innovative features but more importantly, it can prove to be one of the most important pieces of legislation that would change how the Arizona government handles its financial assets at state level.
At the very core of this progressive legislation is a provision for establishing a pioneeringly created strategic reserve fund with its purpose being to create an efficient way for investing in digital assets like cryptocurrency among others which have been gaining in popularity over the past decade worldwide.
Key Features of the Fund
The new “State Digital Assets Reserve Fund” will be an unusual but a much needed public fund that will be administered by an expert state treasurer who will have been assigned the delicate task of overseeing a diversified assortment of digital assets governed by strict investment policies.
Investment Parameters
According to the proposal, it will be possible for a maximum proportion not going above ten percent per annum from the whole amount in terms of state financing into new age cutting edge investment – Digital Assets.
Risk Management Protocols
There are strict controls and procedures the bill introduces to embrace this ground-breaking new technology while at the same
Asset Acquisition Methods
The State Fund will be formed principally from cryptocurrencies seized through the actions of various enforcement agencies and other public entities involved in the apprehension of criminals in the state of Arizona thus efficiently carrying out the mandate as provided by legislation.
Appropriately it can be understood that authorities can utilize illegal commodities that are confiscated and use them for the good of the public which is very similar to how the current cash that is seized goes into the general funds of the state government.
This approach technically opens up possibilities of using the unlawful wealth in a manner that is beneficial to the public unlike in the past where the misappropriated funds would be set aside and destroyed.
💡 Key Takeaways: SB 1373 has put down the necessary comprehensive structure for the enlistment and management of seized digital assets while also utilizing state-of-the-art investment options as well as rational management of public finances.
Investment Limitations and Guidelines
The Bill importantly lays down reasonable restrictions with the view of ensuring accountability and responsible use and management of public finances through the prudent establishment and utilization of the fund.
In terms of investing public funds, the State Fund is obliged to observe stringent parameters of risk assessment in the case that it invests in the cryptocurrency market.
In order to attain the risk minimization objectives consistent with regular investment regulations and regulations for special assets the thirteen cryptographic investments are structured in such a way that the assets will be duly and actively managed.
As part of this investment policy, the Treasurers of the state must take into consideration diverse aspects that affect the cryptocurrency market such as volatility and market liquidity before arriving at investment decisions.
💡 Key Takeaways: The legislation provides the basis for the investment of a fund with the aim of acquiring digital assets giving attention to precisely defined investment guidelines that can enable the State Government acquire the most modern cryptocurrency safeguards against such risks.
Parallel Bitcoin-Specific Legislation
In conjunction with the enactment of SB 1373
The Arizona Strategic Bitcoin Reserve Act is pushed forward with a firm roadmap that makes provision for values of bitcoin to the tune of outstanding billion dollars together with an equal monetary reserve for the same fact that the bank does sell. This legislative rigor on the part of the Arizona state clearly shows that the state is committed to the present widespread adoption of cryptocurrency as well as to move into limits of bitcoin as an investment. Consider this a move that creates two principally related ways into the future of finance, one of which is opened to all cryptocurrencies and digital assets in general whereas the other is tailored for bitcoin investment as a kind of digital gold. 💡 Key Takeaways: Arizona’s dual-track legislative, Pioneering construction in making use of the prospective goal of the above, encompasses the canons of general cryptocurrency and bitcoin specific to its features and uses.
Arizona’s Leadership in Crypto Regulation
Arizona is set to become the ‘crypto reserve’ of the United States for the whole of America’s 50 states due to its quite important difference in the pioneering cryopreservation collection that was adopted by the Arizona Strategic Bitcoin Reserve Act as well as subsequent bills that were passed. This put Arizona’s prospects above and beyond any other US state with regard to the prospects of the process of crypto adoption in its state. Arizona’s approach to the rule of law that governs the conduct and transformation of the different aspects of a digital assets ecosystem is the same framework that other states can aspire for when they think about legislative frameworks, and Arizona’s plan of converting the US from the Wild West days of crypto to a responsible north is quite impressive. Arizona’s Legislative Assembly is seen as a genuinely great deal of how rational and comprehensive the legislation of cryptocurrency is and reveals the confidence and success of the province in attaining the future of financial innovations. For example, while quite a number of states including those that are generally more developed are still relying on the notion of how they will decide as considering or embracing the cryptocurrency as the other means of payment to be adopted by the other states out-rightly, Arizona is going ahead of […]making in real life as a country to the point of properly applying the cryptocurrency. 💡
New Hampshire's recently introduced legislation is comparable to Arizona's but is not as inclusive as the latter's in terms of cryptocurrency legislation. This highlights the fact that New Hampshire has recognized the potential for digital currencies as part of their future economy and is taking steps to pave the way for its legislative framework regarding cryptocurrencies. As states begin to adopt new technologies at differing levels with North Dakota and Oklahoma having gone on record to pass some bills like The Strategic Bitcoin Reserve Act that contains provisions that allow the purchase of Bitcoin with a portion of the state finances. This law was enacted on the premise that Bitcoin is a Bitcoin reserve form of investing which would generate payment in the future...
Utah's measure takes a more cautious approach than Arizona's comprehensive regulatory framework and as such has been drafted to protect citizens. This is evident from the wording in its proposed legislation where there are terms such as “digital assets” instead of “cryptocurrencies” or “tokens”. Therefore, every effort has been made not to mislead people into believing all digital currencies or even Bitcoin can provide fast profit. However, Utah has been largely supportive of more accepting trends in law regarding cryptocurrencies thus recognition that they may become common in the future, if not now. Other states have therefore begun to come out with their regulations on the use and further investment or transactions in cryptocurrency besides these three states; California and Texas among others...
💡 Key Takeaways: (The key facts)
While other states explore cryptocurrency legislation, Arizona's comprehensive approach sets it apart as a pioneer. Besides other states changing and developing legislation on the possibility of regulating virtual assets, the Arizona State legislature boasts an all-encompassing legislative Bill that has put it firmly in the forefront when it comes to cryptocurrencies. Arizona legislation concerning cryptocurrencies not only attempts to anchor the state as a multicultural tolerance ground for these technological advances but also looks much more seriously at the integrated and durable issue of public perception and the common ignorance and phobia surrounding such a controversial subject. Arizona legislation is unprecedented today in its depth, complexity, as well as a logical design and aims to foresee all while limiting possible threats.
Political Challenges and Potential Roadblocks
💡 Key Takeaways: The cutting-edge cryptocurrency initiative launched by Arizona, the Grand Canyon State, is poised to have a profound and transformative effect on the landscape of the world of crypto finance by impacting the manner in which the market operates in addition to the frequency and manner of adoption of various cryptographic assets by the institutions that are collectively referred to as the digital asset industry of today.ConclusionArizona has ground to make in the area of the cryptocurrency regulatory environment of this legislation, particularly the pioneering and cutting-edge Strategic Digital Asset Reserve Bill. A new milestone in the way the management of digital assets is approached at the state government level is being achieved thanks to the Bill which aims to create a strategic digital asset reserve, thereby demonstrating the clear positioning of Arizona as a statesman who is enthusiastic about cutting-edge financial solutions that creative democracies can provide the world with, while also adopting an approach that balances dynamism with caution in regard to the wide variety of digital assets available for various uses.The strategic plan as proposed for the management of confiscated digital assets is through the proposed establishment of a strategic reserve fund that will have well-structured and well-outlined limits for investment. This bursary can be the beginning of a new direction for other states to consider when it comes to proper management and moving into the future. But, there are some clouds hanging over the title of the Governor that he and his counterparts will be able to provide to the people of Arizona, through a successful passing of the bill and its implementation, the growth of a significant awareness towards the role of cryptocurrency in the financing of public entities and its respective governance and increase of public accountability for the positive effects of such an initiative.As Arizona moves towards the final vote on the bill and prospects for its potential realization, there is a high probability that a program of such kind could modify the paradigm of how Arizona state treasuries will handle the question of digital asset management. This statement is true across the board, be it your fervent hope for the prospect of crypto assets or a dedicated public servant or even an anxious citizen. It is vital for anyone with this stake in the matter to keep up to date with progress on developments that can change the way we as a society use money and other forms of financial transfer. By becoming engaged in the current legislative process on public financing of this enormous technological development, this people are shaping the outcome of the process and the process of the integration of the
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