Recently, the Arizona House of Representatives passed Bill HB 2324, allowing the state to create a reserve of seized digital assets, including Bitcoin.
Details of Bill HB 2324
Bill HB 2324 grants Arizona the authority to establish a 'Bitcoin and Digital Assets Reserve Fund' using cryptocurrencies obtained through criminal forfeiture.
Bill Approval Process
The HB 2324 was initially voted down during its third reading on May 7. However, the Senate agreed to revive the bill, led by Republican Jane Shamp, who previously voted against it.
Potential for Digital Asset Reserves
Under HB 2324, the first $300,000 in seized digital assets goes to the Attorney General's office, with amounts exceeding that divided among the Attorney General, the state general fund, and the new reserve.
The passage of Bill HB 2324 marks a significant step for Arizona in exploring the use of Bitcoin and other digital assets, potentially paving the way for further legal advancements in this domain.
