Arizona State Senate Rules Committee passes the Digital Asset Reserve Fund Bill, which will be submitted for full Senate vote.

Crypto界网 February 24 News, the Arizona State Senate has advanced SB 1649, proposing the establishment of a “Digital Asset Strategic Reserve Fund” managed by the state treasury. The bill authorizes the state treasurer to hold, invest, and lend digital assets that are seized, confiscated, or surrendered to the state through qualified custodial institutions or regulated exchanges. The bill was approved by the Senate Finance Committee on February 16 with 4 votes in favor and 2 against, and on February 23, it was approved by the Senate Rules Committee. It will be submitted for a full Senate vote. The bill explicitly designates Bitcoin, XRP, DigiByte, stablecoins, and NFTs as qualified assets. It sets a 1% baseline threshold based on Bitcoin reaching $100,000 per coin and uses a “cryptocurrency fair value score” to screen other qualified digital assets. The bill emphasizes that related operations must not increase the state’s financial risk. SB 1649 must first be approved by the Senate, then by the House of Representatives, and finally signed by the governor.