Arizona Senate Revives Bitcoin Reserve Bill
The Arizona Senate has revived House Bill 2324, a Bitcoin reserve bill, marking a pivotal moment in cryptocurrency regulation. This legislation proposes establishing a Bitcoin and Digital Assets Reserve Fund to oversee forfeited digital assets. The bill narrowly passed the Senate with a 16-14 vote, reflecting ongoing debates over digital currency policies.
Key Provisions of the Bitcoin Reserve Bill
The bill specifies the allocation of forfeited digital assets:
- The first $300,000 will go to the Attorney General’s office.
- Any remaining funds will be divided equally between the Attorney General, the state general fund, and the newly proposed reserve fund.
Updates to Arizona’s Forfeiture Laws
This bill also amends Arizona’s forfeiture laws to encompass digital assets. It permits the state to seize assets in cases where the owner is deceased, has abandoned the property, or meets other defined criteria.
Governor Hobbs’ Position on Cryptocurrency
Governor Katie Hobbs recently enacted HB 2749, enabling the state to handle unclaimed cryptocurrency. However, she rejected two additional crypto-related bills, expressing concerns about market instability. “Protecting state funds from unnecessary risk remains a top priority,” Hobbs emphasized.
