Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote

Arizona moved closer to establishing a bitcoin BTC reserve fund after the state’s Senate voted in favor of the bill at its third reading. Arizona’s Senate passed House Bill 2324 (HB2324) in a 16-14 vote on Thursday, sending it back to House for a final decision. The legislation would update Arizona’s laws on forfeiture, allowing the state to hold abandoned digital assets as unclaimed property. It also creates a “Bitcoin and digital assets reserve fund” to manage the forfeited assets. It follows House Bill 2749 (HB2749) , enacted in April, which amended unclaimed property frameworks to integrate digital assets. The bill is distinct from Senate Bill 1025 (SB1025) , which proposed using seized funds to invest in BTC. That passed the House 31-25 before being vetoed by Governor Katie Hobbs, who referred to cryptocurrency as an “untested investment.” The only state to have completed the legislative process for creating a BTC reserve is New Hampshire . Like Arizona, a bill in Texas is also in its final stages .

Source: CoinDesk