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Arizona Senate Finance Committee passes bill to create Digital Assets Strategic Reserve Fund ahead of floor vote
Summary
- The Arizona State Senate Finance Committee passed SB 1649 to establish a Digital Assets Strategic Reserve Fund.
- The fund would be financed with seized, forfeited or voluntarily surrendered crypto assets, and would allow the state treasurer to invest and lend the assets to generate additional returns.
- Eligible reserve assets include Bitcoin (BTC), XRP, DigiByte, stablecoins and non-fungible tokens (NFTs), with the bill awaiting a Senate floor vote, followed by the House and the governor’s signature.
The Arizona State Senate Finance Committee has passed legislation to establish a Digital Assets Strategic Reserve Fund.
According to Decrypt, a crypto-focused outlet, Senate Bill 1649 (SB 1649) cleared the Finance Committee by a 4-2-1 vote and has also completed review by the Senate Rules Committee. The bill is now headed for a vote on the Senate floor.
The measure would create the “Digital Assets Strategic Reserve Fund” funded by crypto assets that are seized, forfeited or voluntarily surrendered. The fund would be managed by the state treasurer and would be allowed to invest or lend the assets to generate additional returns, provided operations do not expand the state government’s fiscal risk.
For custody, the bill permits storage through qualified custodians or the use of exchange-traded products (ETPs) approved by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Eligible reserve assets include Bitcoin (BTC), XRP, DigiByte, stablecoins and non-fungible tokens (NFTs).
If the bill passes the Senate floor, it will move to the House of Representatives and ultimately requires the governor’s signature to take effect.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
