TLDR
- Arizona’s Senate Finance Committee approved SB1649, which aims to create a digital asset reserve fund.
- The bill explicitly includes XRP as one of the qualifying digital assets for the reserve.
- The bill allows the state treasurer to manage and securely hold digital assets like XRP.
- SB1649 will undergo further review and voting by the full Arizona Senate.
- If passed, Arizona could become the first U.S. state to establish a reserve fund featuring XRP.
Arizona has taken a major step forward in its efforts to establish a digital asset reserve fund. The state’s Senate Finance Committee recently approved Senate Bill 1649, which will create a reserve fund that includes XRP among the digital assets eligible for inclusion. The approval signals a move toward greater institutional recognition of digital assets, particularly XRP, in the U.S. government sector.
Arizona Senate Committee Clears SB1649
Arizona’s Senate Finance Committee has voted to approve SB1649, moving it forward in the legislative process. The bill, which aims to create a Digital Assets Strategic Reserve Fund, has gained traction after a 4-2 vote in the committee. If passed, the fund will include digital assets, such as XRP, seized or surrendered to the state.
The bill allows the state treasurer to manage and securely hold these digital assets. It also gives the treasurer authority to use advanced custody solutions and regulated exchange-traded products for asset management. The inclusion of XRP, along with other digital assets, in the reserve fund marks a shift in how state governments view digital currencies.
One of the key aspects of SB1649 is its explicit inclusion of XRP as a qualifying asset. The bill’s language shows Arizona’s recognition of XRP as a viable digital asset with strong network potential. By naming XRP, lawmakers signal that the token could play a role in the state’s financial infrastructure.
The move to include XRP in Arizona’s reserve comes at a time when digital assets are gaining more attention at the state and federal levels. Although the bill still faces additional legislative hurdles, its progress reflects a growing acceptance of digital currencies within the U.S. government. If the bill becomes law, Arizona could become the first state to establish a digital asset reserve featuring XRP.
Next Steps for Arizona’s Digital Asset Bill
Following the approval in the Senate Finance Committee, SB1649 will move to the full Senate for further review. The bill will undergo debate and votes in the Senate before advancing to the House. Arizona lawmakers will continue to evaluate the details of the proposal, but the committee approval marks a key milestone in the state’s journey toward managing digital assets like XRP.
The legislation’s passage could also pave the way for other states to explore similar reserves. As digital assets grow in importance, states are beginning to recognize their potential for institutional use.
