Arizona hearing today about investing in XRP for state reserve
Arizona Bill SB 1649 names XRP as a reserve asset alongside bitcoin.
Around the time you might be reading this, legislators in Arizona are meeting to discuss investing in XRP for the state’s crypto reserve.
The Arizona Senate Rules Committee session begins at 8:45am local time in Caucus Room 1. The bill under consideration names XRP as an allowable asset alongside bitcoin.
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Market Context
If this bill passes today, it will advance for a full Senate vote. The bill is SB 1649, entitled Digital Assets Strategic Reserve Fund.
If and when it becomes law, the Arizona State Treasurer will administer the fund and may invest in XRP. Language about whether the treasurer may purchase additional tokens or simply administer existing reserves of XRP under the state’s control is up for debate as the bill moves through the legislative process.
Prior to today’s hearing, the bill decisively cleared an Arizona Senate Finance Committee vote with a 4-2 majority.
News
Arizona Senate Bill 1649 Senate Rules Committee hearing today regarding XRP (Legiscan)
SBI launching ¥10B blockchain bond with XRP rewards (CoinDesk)
Ripple and Aviva reach tokenization agreement (CoinTurk)
South Korea’s central bank says licensed commercial banks should only issue won-denominated stablecoins. (Bloomberg)
Bitdeer sells all BTC on corporate balance sheet, maintains Bhutan/Druk Holdings partnership (X)
Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro aided Russian sanctions evasion (Elliptic)
OpenClaw bans “crypto” on Discord (X)
Crypto.com wins initial approval for US federally regulated crypto custodian bank (Coindesk)
Trump family USD1 stablecoin briefly loses $1 peg on Binance, traded to $0.98 before recovering (X)
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Nothing in this newsletter is financial or investment advice. We summarize news for informational and entertainment purposes only. We do not provide advisory services, guidance, or information regarding trading or investing. Past performance is not indicative of future results.