The Arizona Senate has approved bill HB 2324, creating a reserve fund for confiscated crypto assets, which now awaits a final vote in Parliament.
Bitcoin Reserve Bill
The bill HB 2324, known as the 'Bitcoin Reserve Bill', passed the Senate by a vote of 16-14. This legislation was first introduced in February and gained support in both chambers, but was brought back to the agenda after a previous vote failed last month.
State Management of Confiscated Digital Assets
If HB 2324 becomes law, it will establish a management system overseen by the Arizona State Treasury for the storage of crypto assets seized due to criminal investigations. This may include storage in state-approved wallets, sale on licensed exchanges, or holding in local form depending on market conditions. The bill also updates Arizona's forfeiture laws to include digital assets.
Next Step: Parliament Vote
HB 2324 now awaits a final vote in the House of Representatives. If approved, Arizona would be one of the few U.S. states to legally regulate crypto assets under state oversight. This development could strengthen the position of cryptocurrencies within U.S. government structures.
The approval of bill HB 2324 represents a significant step towards regulating crypto assets in Arizona and potentially in the wider U.S., reflecting current efforts to establish legal status for cryptocurrencies.
