Overview
- The Senate Finance Committee approved SB1649 in a 4–2 vote, advancing the Digital Assets Strategic Reserve Fund proposal.
- The bill lists XRP among eligible holdings and contemplates inclusion of assets such as Bitcoin through defined criteria.
- Assets transferred to the reserve would primarily come from cryptocurrencies seized or surrendered to the state instead of being immediately liquidated.
- The treasurer would be authorized to use secure, qualified custodians and regulated exchange-traded products to manage risk and storage.
- If enacted after full Senate and House consideration, Arizona could become the first U.S. state with a formal digital-asset reserve.