The Arizona Senate Rules Committee has passed the Digital Asset Reserve Fund bill, which will be submitted for a vote by the full Senate
According to market news, the Arizona State Senate has advanced Bill SB 1649, which aims to establish a "Digital Asset Strategic Reserve Fund" managed by the State Treasury. It authorizes the State Treasurer to hold, invest, and lend seized, forfeited, or surrendered digital assets through qualified custodians or regulated exchange-traded products.The bill was passed by the Senate Finance Committee on February 16 with a vote of 4 in favor and 2 against, approved by the Senate Rules Committee, and will be submitted for a vote by the full Senate. The bill explicitly lists Bitcoin, XRP, DigiByte, stablecoins, and NFTs as qualified assets and sets a 1% benchmark threshold based on Bitcoin reaching $100,000 per coin, using a "cryptocurrency fair value scoring" system to filter other qualified digital assets. The bill emphasizes that related operations must not increase the state's financial risk. SB 1649 must first pass in the Senate before it can be submitted to the House, and ultimately to the Governor for signing.