Arizona Senate committee passes bill to create state Bitcoin reserves

A bill that would allow the Arizona state government to create a reserve fund with Bitcoin and other digital assets has passed the state's Senate Finance Committee, Decrypt reported. The legislation, SB 1649, would establish a 'Digital Asset Strategic Reserve Fund' using cryptocurrencies that have been seized, forfeited, or voluntarily surrendered to the state. The fund would be authorized to hold, invest in, and lend these digital assets. The bill passed the Arizona Senate Rules Committee on Feb. 23 before clearing the Finance Committee on the same day. It is now set to proceed to a full floor vote.