The Arizona State Legislature recently advanced a bill to establish a Digital Assets Strategic Reserve (DASR) fund, notably naming XRP and BTC among the cryptocurrencies slated for inclusion. Passing the Senate Finance Committee with a 4–2 vote, the bill specifies that the reserve will comprise digital assets seized, confiscated, or surrendered to the state.

According to a factsheet from the legislature’s research team, assets would be deposited into the fund via a qualified custodian or an exchange-traded product (ETP). The proposed legislation grants the State Treasurer discretion to invest the total monies deposited and empowers the office to loan out digital assets, provided such transactions do not increase the state’s financial risk profile.

This legislative push follows a significant setback in 2025, when Governor Katie Hobbs vetoed a bill that would have permitted the state treasurer and retirement systems to invest up to 10% of their funds in cryptocurrencies. At the time, Governor Hobbs characterized the asset class as “untested” and argued that using retirement funds for such volatile investments would be irresponsible.

To address these concerns, the DASR bill introduces specific metrics for the State Treasurer to evaluate the economic and technical vitality of potential holdings. These criteria include market capitalization, network activity, annual transaction value, and a “network power source” metric designed to measure decentralization and security.

Furthermore, the factsheet defines what qualifies as a cryptocurrency and provides a “fair value score” benchmark. Per the SB 1649 Factsheet:

“Virtual assets and cryptocurrency or native on-chain assets that meet the cryptocurrency fair value score of one percent of the digital gold standard benchmark, including bitcoin, Digibyte, XRP, stablecoins, non-fungible tokens, and any other digital-only assets that confer economic, proprietary, or access rights or powers.”

While the bill now heads to the full Senate, its future remains uncertain. Observers note a high veto risk from the Governor, should the executive branch deem this strategic reserve a step too far beyond the more conservative unclaimed property laws passed in 2025.

• What is the DASR fund? It’s a proposed Arizona reserve holding seized or surrendered digital assets like BTC and XRP.
• How will assets be managed? Deposits go through custodians or ETPs, with the State Treasurer allowed to invest or loan them under strict risk limits.
• Why is this bill significant? It follows Governor Hobbs’ 2025 veto on crypto investments, aiming to address volatility concerns with new evaluation metrics.
• What’s next for the bill? It heads to the full Senate, but faces a high veto risk from the Governor’s office.

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