tl;dr
Arizona’s Senate passed House Bill 2324 to create a Bitcoin and Digital Assets Reserve Fund for managing digital assets seized through criminal forfeiture. The bill, which amends forfeiture laws to include digital assets, now moves to the House for a final vote. The fund would be overseen by the sta...
Arizona’s Senate has passed House Bill 2324 (HB 2324), known as the revived Bitcoin Reserve Bill, which aims to establish a Bitcoin and Digital Assets Reserve Fund for managing digital assets seized through criminal asset forfeiture. The bill passed by a narrow 16-14 margin and is now awaiting a final vote in the House. This legislation amends Arizona’s forfeiture laws to formally include digital assets and outlines custodial requirements for managing these assets.
The proposed fund would be overseen by the state treasurer and could store seized digital assets in state-approved wallets, sell them through licensed crypto exchanges, or retain them in their native form based on market and security conditions. Originally introduced in February, HB 2324 had made early progress through both chambers but failed a final House vote last month before being brought back through procedural motions.
Arizona has been active in shaping crypto-related legislation, reflecting a broader national trend toward defining regulatory frameworks for digital assets at the state level. Earlier this year, Governor Katie Hobbs signed House Bill 2749, creating a digital asset fund for abandoned assets, and House Bill 2387, which enforces consumer protections on crypto ATMs. However, she has also vetoed more aggressive measures, including bills that would allow state investments in digital assets and the creation of certain crypto reserve funds, citing concerns over risk and public fund safety.
This latest move by the Arizona Senate highlights the state's continued engagement with digital asset regulation, balancing innovation with caution amid evolving market conditions and legal landscapes. The outcome of the House vote will determine whether the Bitcoin and Digital Assets Reserve Fund becomes official policy.