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Arizona’s Bitcoin Reserve Bill Revived: Will the State Finally Approve?
Arizona lawmakers have revived a bill aimed at creating a state-managed fund for handling seized cryptocurrencies. The proposal, known as House Bill 2324, has passed the Senate with a narrow vote and now awaits consideration in the House of Representatives.
The revived bill seeks to create a Bitcoin and Digital Assets Reserve Fund, which would allow the state treasurer to manage cryptocurrencies seized through criminal investigations. The legislation also updates Arizona’s asset forfeiture laws to include digital assets.
The first $300,000 gained from selling these seized cryptos would go directly to the Attorney General’s Office, while any remaining funds would be split: 50% to the Attorney General, 25% to the state’s general fund, and 25% back to the reserve fund.
Despite previous attempts, Governor Katie Hobbs has previously vetoed crypto bills, citing concerns over market instability. However, there is a renewed sense of optimism this time around as lawmakers have revised the bill to address these concerns.
Arizona has already passed laws related to managing abandoned cryptocurrencies and regulating crypto ATMs, but this new proposal could set a precedent for other states in terms of how they handle digital assets.
The next hurdle will be obtaining at least 31 votes in the House. If successful, it would reach Governor Hobbs’ desk for consideration.
Source: coinpedia.org
