The HB 2324 bill concerning the establishment of a digital asset reserve in Arizona has been revived in the Senate and is now heading to the House for a final vote.
How HB 2324 Was Revived
HB 2324, known as the Bitcoin Reserve bill, was reintroduced through a reconsideration motion in mid-June. The Senate passed it with a narrow 16-14 vote, sending it back to the House of Representatives for a final vote.
What the Bill Enables
If approved, the legislation empowers the state treasurer to establish a Bitcoin and Digital Assets Reserve Fund, integrating seized crypto from criminal forfeitures. The bill allows three handling methods:
1. Secure storage in approved digital wallets 2. Sale via licensed crypto exchanges 3. Retention in native form, guided by market conditions and security concerns
It also updates custodial standards for blockchain assets, including third-party qualified custodians and access protocols.
How Funds Are Distributed
Proceeds from seized asset sales are allocated as follows:
* The first $300,000 goes to the Attorney General’s Office * The remainder is split: 50% to the AG, 25% to the state general fund, and 25% to the new reserve fund
Additionally, the reserve fund may invest in crypto assets or ETFs, with income returning to the state.
The passage of HB 2324 may set a modern standard for digital asset management in state treasury and reinforce Arizona's role in U.S. crypto policy.
