Arizona is becoming an active player in the Bitcoin reserve scene with the HB2324 bill, which has been passed by the state assembly and is awaiting the governor's signature.
Overview of the HB2324 Bill
The Arizona Assembly passed the Bitcoin reserve bill HB2324, creating a reserve fund for assets seized through criminal forfeiture.
Funding of Seized Assets
HB 2324 clearly outlines how funds from sales of seized cryptocurrencies will be allocated. The first $300,000 raised will be directed to the Anti-Racketeering Revolving Fund. Any amount above that will continue to support the same fund at 50%, 25% will go to the state’s General Fund, and the remaining 25% will be allocated to the newly created Bitcoin and Digital Assets Reserve Fund.
Future Cryptocurrency Bills
Arizona is also considering several bills related to cryptocurrency security, kiosks, and payments.
The approval of the HB2324 bill solidifies Arizona's position in the cryptocurrency market and opens new avenues for managing assets seized in criminal cases.
