Arizona House Clears Bitcoin Reserve Bill Funded by Seized Crypto
Arizona's House of Representatives approved House Bill 2324 with a 34-22 vote, creating a framework for a "Bitcoin and Digital Assets Reserve Fund" managed by the state treasurer. This fund will be exclusively funded through digital assets seized in criminal investigations. The bill amends forfeiture laws to include digital assets like Bitcoin and stablecoins, establishing protocols for their seizure, storage, and sale. Proceeds will be divided among law enforcement, the state general fund, and the new reserve, with the first $300,000 from forfeited assets directed to the Attorney General's office. This legislation follows the earlier passage of House Bill 2749, which allows unclaimed crypto to be held in native form. Governor Hobbs has shown support for regulatory measures but has been cautious about exposing state funds to cryptocurrency markets, previously vetoing bills that would allow state investments in Bitcoin. House Bill 2324 now awaits the governor's decision.
