The bill to create a Bitcoin reserve fund in Arizona was reconsidered after an initial failed vote.
History of HB 2324
House Bill 2324, concerning the establishment of a 'Bitcoin and Digital Assets Reserve Fund,' was initially voted down on May 7. However, the Senate voted 16-14 to bring it back for reconsideration.
Distribution of Reserve Fund Assets
If HB 2324 passes, the first $300,000 in digital assets from forfeitures would go to the Attorney General's office. Amounts over that limit would be split 50% to the Attorney General, 25% to the state general fund, and 25% to the new digital assets reserve fund.
Cryptocurrency Measures Adopted in Arizona
Governor Katie Hobbs signed HB 2749, allowing the state to keep unclaimed cryptocurrencies and establish a Bitcoin reserve fund. Recently, she vetoed two other bills related to cryptocurrency investments, citing risks to retirement funds.
The revival of HB 2324 highlights the increasing interest in cryptocurrencies and the need for legislative regulation in Arizona, despite previous setbacks.
