Arizona Senate Advances Bill to Create Digital Assets Reserve Fund

In brief

• Arizona’s Senate Finance Committee passed SB 1649 in a 4–2–1 vote on February 16, sending it to the Senate Rules Committee, which cleared it on February 23.
• The bill would authorize the state treasurer to hold, invest, and loan seized digital assets through a qualified custodian or approved exchange-traded product.
• The measure is Arizona’s latest attempt to establish a crypto reserve, following Governor Katie Hobbs’ veto of a nearly identical bill in 2025.