by Matthew Holloway | Jun 22, 2025 | Economy, News
By Matthew Holloway |
A bill to establish a Bitcoin Reserve in the State of Arizona was resurrected in the legislature by the State Senate before the chamber adjourned Sine Die on Friday. House Bill 2324, introduced by Arizona Representative Jeff Weninger, was passed in the Arizona House on its third reading, but was reconsidered in the Senate and advanced 16-14. The bill now returns to the House for consideration before it also adjourns.
The proposed measure would create a “Bitcoin and Digital Assets Reserve Fund” designed to manage all legally forfeited digital assets and currencies.
According to the Senate Fact Sheet, HB 2324 would allow “a court to order a person convicted of an offense for which forfeiture applies to forfeit any digital asset used in, acquired through or traceable to the offense.” I also, “prescribes procedures for a government agency to sell seized digital assets and outlines the allocation of monies acquired from the sale.” And it, “establishes the Bitcoin and Digital Assets Reserve Fund, administered by the State Treasurer, to store, manage and allocate digital assets securely.”
The bill now concurred upon by the Senate must also pass the Arizona House before moving to Governor Katie Hobbs’ desk where its fate is uncertain. According to Coin Telegraph, the first $300,000 in digital assets from a criminal forfeiture would head to the Attorney General’s office, from whence any mount over $300,000 would be divided with 50% going to the Attorney General, 25% to the state general fund, and 25% to the new digital assets reserve fund. While Hobbs has vetoed three Cryptocurrency bills, she has also signed HB 2749 into law which permits the state to hold unclaimed cryptocurrency and establish a Bitcoin reserve fund that wouldn’t utilize any state funding or taxpayer dollars.
At the time, Hobbs stated, “Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars,” and described the cryptocurrency-related legislation as “risk(s),” and “untested.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Matthew Holloway | Jun 21, 2025 | Economy, News
By Matthew Holloway |
The Resolution Copper project, a joint venture of BHP and Rio Tinto, issued a statement Tuesday welcoming the republication of the Final Environmental Impact Statement (FEIS) by the U.S. Forest Service (USFS) for its proposed underground mine 60 miles east of Phoenix near Superior, AZ.
The proposed development of the largest untapped copper deposit in the world relies on a major land-swap between the Rio Tinto, BHP, federal and state governments to proceed.
Initially the FEIS for the project was released by the Forest Service in 2021, but was later withdrawn by the agency to provide additional time for the USFS to study the objections of tribal governments and the overall community.
The proposed mine is controversial and would ultimately transform the Oak Flat parcel southwest of Superior, currently forest service land, into a 1.8-mile-wide crater between 800 and 1,115 feet deep, in exchange for 6,005 acres of land to be transferred by BHP and Rio Tinto local, state and federal governments and agencies.
“As part of the land exchange, Resolution Copper has committed to initiatives that support cultural preservation, recreation, education, employment, economic development, and nature through long-term partnerships with Native American Tribes and local communities. This includes significant funding in a long-term Native American Trust Fund and Emory Oak restoration,” Resolution Copper stated. “Other commitments focus on conservation and monitoring of seeps and springs; restoration and preservation of creeks, rivers, and watersheds; and habitat enhancement for biodiversity.”
Vicky Peacey, General Manager of Resolution Copper said, “Through this process, we have deepened our relationships with local communities and Native American Tribes, including our senior leaders spending time with Tribal leaders to listen and build mutual understanding. We welcome the opportunity to continue these conversations as we move into the next phase of permitting. Working together, mining can co-exist with cultural heritage, recreation, and nature, while delivering new economic opportunities in rural Arizona.”
“This project has undergone one of the most comprehensive environmental and social reviews in U.S. history,” she added. “The republication of the FEIS reflects the thorough work by the USFS, local communities, and Native American Tribes and the seriousness with which all stakeholders have approached this process. We remain committed to earning trust through transparency, engagement, and responsible development as we move forward.” In PR posts to social media, Resolution Copper boasts the prospects of adding $1.2 Billion to Arizona’s economy and thousands of jobs in Superior and Magma, AZ, totaling $270 million in annual salaries.
In a statement posted to X, U.S. Secretary of Agriculture Brooke Rollins expressed the Trump administration’s support for the proposal early in the week, noting that the republication of the withdrawn FEIS is “an important step in advancing President Trump’s goal of emergency and mineral independence by boosting domestic mineral production.” Rollins added, “The Resolution Copper project is a prime example of how we can harness America’s abundant resources to fuel growth in rural America, reduce our dependence on foreign imports, strengthen our supply chains, and enhance our national security.”
The U.S. Department of Agriculture detailed in a Tuesday release that the land transfer cannot occur until August 19, 2025, or 60 days after the Federal Register notice is published per a ruling from a U.S. District Court on June 9th. It added that, if approved, the mine is projected to generate $149 million in annual payroll, with approximately 1,500 jobs, providing between $80 and $120 million a year in estimated state and local tax revenue as well as $200 million a year to the federal government. The final environmental impact statement is expected to be posted to the Federal Register, along with the draft decision record from the USFS on June 20th.
The public has 45 days to make any objections to the decision and the USFS must respond and address any objections within 90 days, meaning the project could see final approval as soon as November 2nd.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Matthew Holloway | Jun 17, 2025 | Economy, News
By Matthew Holloway |
Arizona Attorney General Kris Mayes faced a setback last week in her legal challenge against President Donald Trump’s ‘Liberation Day’ Tariffs. The U.S. Court of Appeals for the Federal Circuit issued a favorable ruling for the President, allowing the tariffs challenged by Mayes’ and eleven other state Attorneys General to remain in effect pending appeal.
The appeals court blocked an order from the U.S. Court of International Trade, which struck down the tariffs on May 28th in State of Oregon, et al., v. Trump, et al. The appeals court acknowledged the Trump tariffs’ raise “issues of exceptional importance” and agreed to expedite the case. It will hear arguments before the entire court on July 31st. In the ruling, the court found that “both sides have made substantial arguments on the merits” and stated, “The court also concludes that these cases present issues of exceptional importance warranting expedited en banc consideration of the merits in the first instance.”
Responding to the ruling, President Trump wrote on Truth Social, “A Federal Appeals Court has just ruled that the United States can use TARIFFS to protect itself against other countries. A great and important win for the U.S.”
The May 28th ruling against the President resulted from two separate lawsuits, one brought by the Liberty Justice Center on behalf of five small U.S. businesses which depend on foreign imports and the second from a coalition of 12 states including Arizona.
Mayes claimed in a post to X that “The president does not have the authority to implement tariffs unilaterally.”
White House spokesman Kush Desai responded to the ruling saying, “The Trump administration is legally using the powers granted to the executive branch by the Constitution and Congress to address our country’s national emergencies of persistent goods trade deficits and drug trafficking. The U.S. Circuit Court of Appeals’ stay order is a welcome development, and we look forward to ultimately prevailing in court.”
At issue in the case are the discounted reciprocal tariffs that the Trump administration announced on April 2nd, which apply a 10% minimum tariff across the board, particularly in Europe, while applying more punitive tariffs, as high as 49%, in the case of Cambodia which charges the U.S. a 97% tariff or 34% initially for China, which at that point charged 67% on U.S. imports.
Through subsequent negotiations with China and a ratcheting upward of the tariffs, the U.S. duties on China stabilized at approximately 55% and will remain there under a new trade deal, Commerce Secretary Howard Lutnick told CNBC.
Despite the legal imbroglio with leftist State AGs, President Trump announced Wednesday that China’s duties on U.S. goods will remain at 10%, where they paused in May when both sides agreed to a 90-day reprieve, and he provided a glimpse into the new agreement pending with Beijing.
In a post to Truth Social, Trump wrote, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Jonathan Eberle | Jun 17, 2025 | Economy, News
By Jonathan Eberle |
In a move that signals both a shift in corporate strategy and a broader commentary on the business climate in the Pacific Northwest, Dutch Bros, one of Oregon’s most iconic homegrown brands, is officially relocating its headquarters from Grants Pass, Oregon, to Phoenix, Arizona.
The fast-growing drive-thru beverage chain, known for its coffee and energy drinks and its fiercely loyal customer base, announced that the transition to Arizona will help better position the company for its next phase of growth.
“To support the next phase of Dutch Bros’ growth, we’re relocating additional roles to our new Phoenix office and making strategic changes to the structure of several teams,” Dutch Bros said in a statement. “Bringing more people together will allow us to better serve our customers and crews across the country.”
The move had been anticipated for some time. CEO Christine Barone has operated from Arizona since 2023, and the company has steadily increased its corporate presence in the Phoenix area since early 2024. Arizona policymakers are touting the relocation as a major win for the state.
The announcement sparked immediate reactions back in Oregon, where Dutch Bros began in 1992 as a single coffee cart run by brothers Travis and Dane Boersma. Now a national brand with over 1,000 drive-thru locations and 26,000 employees nationwide (including franchises), Dutch Bros has grown annual sales from $240 million in 2018 to $1.3 billion last year. The company projects another 22% increase in 2025.
The reasons behind the move appear primarily logistical and strategic. The company cited the need to be closer to high-growth markets like Texas and the Southeast, and near a major airport to facilitate executive travel. Challenges in recruiting young professionals to rural Oregon—specifically a lack of child care—also played a role in earlier internal discussions.
Terry Hopkins, CEO of the Grants Pass and Josephine County chamber of commerce, acknowledged the emotional and economic impact of the headquarters relocation but expressed hope that Dutch Bros would remain a strong local presence. “We’ll definitely feel the impact. We’ve been fortunate,” he said, noting the Boersma family still lives in the area and continues to be active in the community.
As Dutch Bros continues its rapid national expansion—with aspirations for 7,000 locations—the company’s move may serve as both a business milestone and a broader statement about where companies see opportunity, talent, and infrastructure aligning for long-term success.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Matthew Holloway | Jun 16, 2025 | Economy, News
By Matthew Holloway |
A new report from the Common Sense Institute of Arizona (CSIAZ) has laid to rest claims that Arizona’s budget deficit stems from the state’s adoption of a 2.5 percent flat tax. The report found that the deficit is attributable to increased spending by the state in the last year. The report also found that in defiance of detractors, the flat tax has actually led to an increase in state tax revenues, and Arizona is once again experiencing a budget surplus.
In a statement, CSIAZ Director of Policy & Research Glenn Farley said, “The facts tell a very different story than many of the headlines would lead us to believe. The data shows us that Arizona’s revenues are strong, local governments are collecting more than ever, and education spending is at an all-time high. The flat tax has not created a revenue crisis—but rapid and unsustainable spending growth has created real budget pressures. If we want to restore stability, we need to focus on the underlying drivers of the imbalance.”
The report from CSIAZ offers a direct refutation of a claim made by the far-leftist think tank Center on Budget and Policy Priorities (CBPP), which claimed in 2024 that the state would face a $1.6 billion deficit through fiscal year 2025 due to the flat income tax and universal private school vouchers. This assessment, however, leaves off a critical necessity in any conservative budget: spending cuts.
Farley and Senior Economist Thomas Young found unequivocally, “Since the flat tax passed, state revenues have grown by $3.3 billion. But the state budget is 25% larger than it was; at peak spending was up $3.7 billion, and even today it’s still up over $2.5 billion versus pre-flat Tax. If spending had followed historical trends, Arizona would have had a $4.3 billion surplus rather than a $1.6 billion cash shortfall last year.”
Farley and Young also debunked a claim from Dave Wells, Research Director at the Grand Canyon Institute (GCI) on “Arizona Horizon” who claimed in October 2024, “The flat tax’s $2 billion annual cost has had visible consequences and was a prime contributor to the budget deficits and cuts made during this legislative session.” They noted that despite forecasts that the budget would cost $4 billion over the next decade, updated estimates accounting “for dynamic effects and rapid growth in other tax types,” adjusts that to a more modest $1.4 billion impact while “revenue growth from a strong economy has more than offset the difference, meaning the state still collects more each year than before the tax cut.”
Much closer to home, claims that the tax reforms haven’t helped everyday Arizonans can be confidently cast aside with the fact that the average Arizonan saves about $400 per year from the flat tax while per-capita income has risen by 68% since 2015, with Arizona’s economic growth far outpacing the rest of the nation.
The report also addressed claims that the reforms hurt city budgets, despite the reforms increasing the share of state income tax filtered down to city and municipal governments by three percent from 15% to 18%, totaling an additional $250 million over two years. The report also refuted claims that education spending would be cut as a result of the flat tax with K-12 education spending up nearly 80% since 2010, growing by 14% since 2022.
Essentially, CSI Arizona has shown that arguments against a flat tax are definitively driven by politics and rhetoric, not facts.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Staff Reporter | Jun 11, 2025 | Economy, News
By Staff Reporter |
The inventor and top distributor of the Taser, Axon Enterprise, says it will no longer be working with the Scottsdale City Council on their new headquarters.
That’s not to say Axon will leave Scottsdale or the state. Axon leaders clarified the company only intended to keep city leaders out of discussions to establish their new headquarters going forward.
Axon President Josh Isner announced on Monday the company withdrew from negotiations with city leaders on building their new headquarters. Isner blamed the “toxic” political climate of Scottsdale City Council.
“Unfortunately, Axon is withdrawing from negotiations with the City of Scottsdale,” said Isner. “The internal politics of the City Council currently make it impossible to reach an agreement. I have never seen such a toxic environment in my life. We put a great deal on the table and we tried our best.”
Scottsdale City Councilman Adam Kwasman said he was disappointed in his fellow council members for refusing Axon’s negotiations. Kwasman said he would work on another solution to keep Axon from leaving.
“[Axon’s] offers were generous and would have benefitted both Scottsdale and Arizona as a whole,” said Kwasman. “I am saddened that my colleagues could not share in a vision that would have reduced approved density, reduced approved apartments, funded police, and built an incredible partnership between the city and one of America’s best companies.”
Isner thanked Kwasman and Scottsdale Mayor Lisa Borowsky for their efforts to keep negotiations afloat.
“You came to the table in a solution-oriented and thoughtful way,” said Isner. “It was a pleasure working with you on this and appreciate your continued support of Axon.”
Borowsky, in turn, thanked Axon for their willingness to negotiate and expressed disappointment at the impasse between the company and the council.
“Unfortunately, there were too many hurdles to overcome in order to move an agreement forward successfully,” said Borowksy. “I remain hopeful that future negotiations result in a win-win agreement that works for the community and keeps this vital employer right where it belongs – in Scottsdale.”
Not all leaders representing the area were pleased with Axon’s actions up to this point.
State Rep. Joseph Chaplik accused Axon of navigating the dealmaking process dishonestly. Chaplik told Axon to make good on their threat of leaving the state by disclosing where they planned to move their operations.
“They have divided the Republican caucus and they are now dividing the city council. They do not listen to the people of Scottsdale, who I represent. They have bypassed all proper channels to resolve their land use issues,” said Chaplik. “Their tactics included bullying, threatening and securing close door meetings. This is not how a transparent company operates.”
Although these recent negotiations didn’t go Axon’s way, the company did see wins in other areas recently. Governor Hobbs signed a bill retroactively preventing zoning decisions from becoming ballot questions. The new law nullifies a referendum effort by 27,000 Scottsdale residents challenging Axon’s planned headquarters — under that referendum, voters would have decided on the proposed headquarter’s fate in 2026.
AZ Free News is your #1 source for Arizona news and politics. You can send us news tips using this link.
