Arizona Senate Advances Crypto Reserve Bill Naming XRP to Floor Vote

Overview

• The Senate Rules Committee cleared SB 1649 on Feb. 23, placing it on the consent calendar with backing from the Senate Republican Caucus.
• The Digital Assets Strategic Reserve Fund would be built from cryptocurrencies seized, confiscated, or surrendered to the state rather than taxpayer dollars.
• The state treasurer could hold, invest, or loan assets through qualified custodians or approved exchange-traded products under risk limits.
• Eligible assets named include Bitcoin, XRP, and DigiByte, with XRP’s inclusion permissive rather than mandatory.
• The bill still requires a full Senate vote before moving to the House and then the Governor, and markets showed a muted response with XRP trading near $1.40.