Arizona Bitcoin Reserve Bill Revived After Senate Reconsiders

Arizona lawmakers have revived a controversial bill that would allow the state to establish a Bitcoin and digital assets reserve fund. House Bill 2324 (HB 2324), initially rejected by the House in early May, is now headed back to the chamber after the state Senate passed a motion to reconsider it on Thursday with a narrow 16-14 vote . The measure, largely backed by Republicans, proposes the creation of a “Bitcoin and Digital Assets Reserve Fund” to manage digital assets seized through criminal forfeiture. Republican Senator Jane Shamp, who had previously voted against the bill, filed the motion to revive it — the only way a reconsideration vote can be triggered. Senator Jake Hoffman was the lone Republican to oppose the bill during the Senate vote. To advance further, HB 2324 must now secure a majority in the 60-member Arizona House, where Republicans hold 33 seats. If passed, it will be sent to Governor Katie Hobbs for approval. Bill Details Allocation and Seizure of Digital Assets Under HB 2324, the first $300,000 worth of digital assets seized through forfeiture would be directed to the Attorney General’s office. Any amount exceeding that would be split — 50% to the Attorney General, 25% to the state’s general fund, and 25% into the new reserve fund. The legislation also expands existing forfeiture laws to specifically cover digital assets. It lays out rules for how the state can seize, store, and redistribute digital assets in cases where no rightful owner can be identified. These include scenarios involving deceased individuals, deportees, or people who have fled the state, provided Arizona authorities can demonstrate that they made reasonable efforts to locate an owner. Senator Jeff Weninger, the bill’s sponsor, said the aim is to modernize Arizona’s asset laws to reflect the growing presence of digital currencies in legal and criminal matters. Arizona Governor Hobbs Approves One Crypto Bill Arizona Governor Katie Hobbs has taken a cautious but not dismissive approach to cryptocurrency legislation. However, Hobbs vetoed two other crypto-related bills this session. Senate Bill 1025, which would have allowed the treasurer to invest up to 10% of state funds in Bitcoin, was vetoed due to concerns over exposing public retirement funds to volatile assets. She also blocked SB 1373, which sought to create a separate Digital Assets Strategic Reserve Fund. On May 7, she signed HB 2749 into law, allowing the state to retain unclaimed crypto and deposit it into a Bitcoin reserve fund that excludes taxpayer dollars. Hobbs emphasized the need for responsible crypto integration, stating, “I have already signed legislation this session which allows the state to utilize cryptocurrency without placing general fund dollars at risk.” The post Arizona Bitcoin Reserve Bill Revived After Senate Reconsiders appeared first on TheCoinrise.com .

Source: The Coin Rise