Arizona Senate Approves Bill for Bitcoin Reserve Fund Creation
Arizona's Senate approved House Bill 2324 (HB2324) to establish a bitcoin reserve fund, passing with a 16-14 vote. The bill will now return to the House for a final decision.
- The legislation updates forfeiture laws to allow the state to hold abandoned digital assets as unclaimed property.
- It creates a "Bitcoin and digital assets reserve fund" for managing these forfeited assets.
- This follows the enactment of House Bill 2749 (HB2749) in April, which integrated digital assets into unclaimed property frameworks.
- Senate Bill 1025 (SB1025), which aimed to invest seized funds in BTC, was vetoed by Governor Katie Hobbs due to concerns over cryptocurrency being an "untested investment."
- New Hampshire has already completed the legislative process for creating a BTC reserve, with Texas also nearing completion of similar legislation.