Arizona Senate Revives Bitcoin Reserve Bill After Reconsideration Vote
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.