Arizona lawmakers are once again making headlines with the revival of the Bitcoin Reserve Bill. This proposal has made it through the Senate and now awaits the final decision in the House.
Return of the Bitcoin Bill
Following a failed attempt earlier this year, Arizona lawmakers have reintroduced House Bill 2324, aimed at creating a Bitcoin and Digital Assets Reserve Fund. The bill passed the Senate with a narrow 16-14 vote and is now heading to the House for final approval.
How Will the Funds Be Used?
The HB 2324 bill outlines a clear plan for distributing the money gained from selling seized crypto. The first $300,000 would go directly to the Attorney General's Office. Any remaining funds would be split: 50% to the Attorney General, 25% to the state’s general fund, and 25% back to the reserve fund.
Previous Attempts and Governor Concerns
This isn't Arizona's first attempt at passing crypto-friendly laws. Earlier this year, two bills were signed into law, one for managing abandoned crypto assets and another for regulating crypto ATMs. However, Governor Katie Hobbs has vetoed two major crypto bills recently, expressing concerns that the crypto market is too unstable for public funds.
HB 2324 is now moving to the House of Representatives, where it needs at least 31 votes to pass. If it succeeds, it could set a new precedent for how state governments handle digital assets.
