Arizona's legislation on establishing a state-run Bitcoin reserve has been revitalized following an unexpected turn of events in the state Senate.
Revival of Bill HB 2324
The bill HB 2324 was revived in a Senate vote held on Thursday, where it received 16 votes in favor and 14 against. This was made possible by Republican Senator Janae Shamp's motion to reconsider the previously rejected bill.
Structure of the Bitcoin Reserve
HB 2324 aims to create a 'Bitcoin and Digital Assets Reserve Fund' to manage cryptocurrency assets seized through criminal forfeiture. If passed, the first $300,000 of such assets would go to the Attorney General, with amounts exceeding that split: 50% to the AG, 25% to the state's general fund, and 25% to the new reserve fund. The bill also expands Arizona’s asset forfeiture laws to include digital assets.
Reactions and Future of the Bill
This development follows Governor Katie Hobbs signing HB 2749, permitting Arizona to build a Bitcoin reserve without taxpayer funds. However, she vetoed two other crypto-related bills, including SB 1025, deeming them too risky. Now, all eyes are on the Arizona House; if HB 2324 passes, it will head directly to the Governor's desk.
The revival of Bill HB 2324 opens up new opportunities for crypto investments in Arizona, particularly in the context of expanding legal frameworks for digital assets.
