Arizona Advances Bill for Digital Assets Reserve Fund
- Senate Bill 1649 (SB1649) passed the Senate Finance Committee with a vote of 4-2.
- The proposed Digital Assets Strategic Reserve Fund will include seized assets like Bitcoin and XRP.
- The Arizona State Treasurer will manage the fund, which can also invest and loan digital assets.
- Eligible assets must meet a “cryptocurrency fair value score” based on market metrics.
- Current prices show Bitcoin at $67,035.93 (down by nearly 30% in a month) and XRP at $1.44 (also down about 29%).
The advancement of SB1649 aims to establish a framework for managing digital assets seized by the state, while ensuring secure custody and investment strategies are in place.
With Bitcoin’s current value down nearly $29,000 over the past month, the bill represents a strategic move for Arizona to utilize its seized crypto assets effectively.
