The Arizona Senate has revived a previously defeated bill aimed at establishing a fund to manage Bitcoin and other digital assets.
Revival of House Bill 2324
The Arizona Senate voted to reconsider House Bill 2324, which was initially rejected in the House. The decision to bring the bill back for a vote came during Thursday's session, with a narrow vote of 16 to 14 in favor.
Legislative Details and Fund Allocation
The bill proposes creating a 'Bitcoin and Digital Assets Reserve Fund' to oversee digital assets acquired through criminal forfeitures. The first $300,000 in forfeited digital assets would be allocated to the Attorney General’s Office, with any amount above that split between the AG (50%), the general fund (25%), and the newly established reserve fund (25%).
Governor Hobbs' Actions on Cryptocurrency
Governor Katie Hobbs has endorsed HB 2749, which allows the state to hold onto unclaimed cryptocurrency and establish a Bitcoin reserve without using taxpayer funds. However, she vetoed two other proposed bills over concerns that they might jeopardize public funds.
The upcoming House vote will determine whether Arizona makes significant advancements in integrating cryptocurrencies into its financial systems.
