The HB 2324 bill, approved by Arizona lawmakers, is heading for final approval by Governor Katie Hobbs and promises to create a digital asset reserve for the state.
HB 2324 Bill
The HB 2324 bill passed the House with a 34–22 vote on Tuesday after receiving Senate approval with a close 16–14 vote last week. The bill previously failed a final House reading in May before gaining support to advance.
Asset Management
If enacted, the law would authorize the State Treasurer to oversee the reserve fund and manage its digital asset portfolio. This includes the ability to invest, reinvest, or divest in cryptocurrencies or exchange-traded funds (ETFs) backed by digital assets. The reserve would consist exclusively of crypto assets seized through criminal activity.
State Potential
HB 2324 marks the second legislative initiative in Arizona aimed at formalizing crypto reserves. It reflects the state’s growing interest in leveraging blockchain-based assets within government operations and financial planning. If signed by Governor Hobbs, Arizona would become one of the first U.S. states with a legally recognized digital asset reserve fund backed by seized crypto holdings.
Initiatives like HB 2324 highlight Arizona's commitment to integrating digital assets into government management and enhancing financial infrastructure with blockchain technology.
