Arizona Senate Passes Bitcoin Reserve Bill for Seized Crypto, Heads to House For Debate
Arizona's Senate passed House Bill 2324 (HB 2324), which establishes a Bitcoin and Digital Assets Reserve Fund for managing digital assets seized through criminal asset forfeiture. The bill passed by a 16-14 vote and will proceed to the House for a final vote. Initially introduced in February, it faced setbacks but was revived through procedural motions. The fund will be overseen by the state treasurer and will manage seized digital assets, allowing storage in state-approved wallets, sales through licensed exchanges, or retention in native form based on market conditions. The legislation amends Arizona’s forfeiture laws to include digital assets and outlines custodial requirements. Governor Katie Hobbs has previously signed other crypto-related bills but vetoed more aggressive proposals, citing risks to public retirement systems.
