Arizona Senate advances Bill SB 1649 for a digital asset reserve.

The Arizona State Senate has advanced Bill SB 1649, which proposes the establishment of a strategic reserve of digital assets. The fund is to be replenished with confiscated cryptocurrency.

The bill has successfully passed the relevant committees and is preparing for a final vote.

The state treasurer will manage the reserve, with the authority to invest the funds and issue crypto loans to generate income. The primary condition is that…