Arizona Advances Bill to Add XRP to State Crypto Reserve
TLDR
- Arizona advanced Senate Bill 1649 to a full House floor vote after clearing the House Rules Committee.
- The bill would allow the state to create a Digital Assets Strategic Reserve Fund.
- The proposal permits Arizona to retain seized cryptocurrencies instead of auctioning them.
- The legislation names XRP, Bitcoin, Monero, NEAR Protocol, and Nano as eligible assets.
- Lawmakers set criteria to assess adoption levels and transaction activity for reserve assets.
Arizona lawmakers advanced Senate Bill 1649 to a full House vote after clearing the House Rules Committee. The proposal would allow Arizona to retain seized digital assets in a state-managed fund. The measure names XRP, Bitcoin, and Monero as eligible assets under defined standards.
Arizona Crypto Reserve Plan Names XRP as Eligible Asset
The House Rules Committee approved SB1649 with eight votes in favor. As a result, the bill now heads to the full House for consideration. Lawmakers introduced the measure to create a Digital Assets Strategic Reserve Fund. The proposal allows the state to keep digital assets obtained through forfeiture or surrender. Currently, agencies auction most seized cryptocurrencies.
State Senator Mark Finchem introduced SB1649 earlier this session. The Senate Finance Committee passed the bill with a 4–2–1 vote. Lawmakers set criteria to determine which assets qualify for the reserve. The criteria review adoption rates, annual transaction volume, and ecosystem development. The bill lists XRP, Bitcoin, Monero, NEAR Protocol, and Nano as eligible assets.
The proposal authorizes the State Treasurer to manage the reserve fund. The Treasurer may invest holdings to generate returns for the state. However, the bill requires that investment actions do not increase financial risk. Lawmakers included this provision to guide fund management practices.
If the House approves SB1649, the bill will move to the governor’s desk. The governor may sign the measure into law or veto it. Lawmakers placed the bill on the House calendar following the committee vote.
Bitcoin and Monero Included in Arizona Reserve Framework
SB1649 identifies Bitcoin as a primary digital asset for the reserve. Lawmakers also included Monero under the eligibility framework. The bill groups these assets with XRP under a defined fair value threshold. This threshold evaluates economic strength and technical performance.
Under the measure, Arizona may retain cryptocurrencies received through legal processes. Agencies would transfer those assets to the reserve fund instead of auctioning them. The Treasurer would then oversee storage and management of the holdings. Lawmakers structured the bill to formalize how the state handles digital assets.
The legislation forms part of broader digital asset discussions in Arizona. Lawmakers are also considering Senate Bill 1042. That proposal would allow the state to invest up to 10% of public funds in cryptocurrencies. SB1042 remains under review in the state legislature.
At the federal level, digital asset reserves have also entered policy debates. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve. The order also created a broader digital asset stockpile framework. Lawmakers referenced these developments during state discussions.
The House will now determine the fate of SB1649 in a floor vote. If members approve the measure, it will proceed to final executive consideration. The legislative process continues as scheduled in the current session.
The post Arizona Advances Bill to Add XRP to State Crypto Reserve appeared first on Blockonomi.
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