A key Bitcoin reserve bill in Arizona has been revived after the state Senate passed a motion for reconsideration on Thursday.
House Bill 2324 was previously rejected during its third reading in the House on May 7, but after the Senate supported the bill with a 16-14 vote, it has now returned to the House for reconsideration.
The bill would authorize the state to establish a "Bitcoin and Digital Asset Reserve Fund" specifically to manage seized digital assets. This is one of several cryptocurrency bills that the state legislature has reviewed in recent months.
The Senate's vote on the reconsideration of this Republican-backed bill was almost entirely along party lines, with Republican lawmaker Jake Hoffman being the only member of his party to vote against the bill.
According to the rules, only lawmakers who initially voted against the bill can propose a motion for reconsideration—in this case, the motion was made by Republican Senator Jane Shamp.
HB 2324 must receive a majority vote from the 60 members of the Arizona House—of which 33 are Republicans—before it can be sent to Governor Katie Hobbs for approval.
If HB 2324 passes, $300,000 worth of digital assets from criminal forfeiture cases will first be allocated to the Attorney General's Office.
The bill stipulates that any amount exceeding this will be distributed as follows: 50% to the Attorney General's Office, 25% to the state government's general fund, and the remaining 25% to the newly established Digital Asset Reserve Fund.
This bill, initiated by Republican Senator Jeff Weninger, will also expand Arizona's asset forfeiture laws to include digital assets and establish related provisions for seizure, storage, and distribution.
Under the bill, Arizona will have the authority to seize digital assets from deceased individuals, those who have been deported, fugitives, or individuals who have waived or abandoned their property, provided that the state can demonstrate that there is no known owner, that active efforts have been made to identify the owner, and that no one has claimed legal ownership.
Governor Hobbs signed HB 2749 on May 7, which authorizes the state government to retain unclaimed cryptocurrency and establish a Bitcoin (BTC) reserve fund that does not use taxpayer or state government funds.
According to the bill, state custodians can stake cryptocurrency to earn rewards or receive airdrops, with these proceeds subsequently deposited into Arizona's designated "Bitcoin and Digital Asset Reserve Fund."
Another Bitcoin reserve bill submitted to Hobbs' desk is Senate Bill 1025, which proposes the creation of the Arizona Strategic Bitcoin Reserve Act (2025), aimed at authorizing the state treasurer to invest up to 10% of funds in Bitcoin and other potential crypto assets.
However, Hobbs vetoed the bill on May 2, stating that retirement funds should not be exposed to "unverified investments like virtual currencies."
Additionally, Hobbs also vetoed SB 1373 on May 12, which aimed to establish a "Digital Asset Strategic Reserve Fund."
In her veto letter, Hobbs stated: "The current volatility of the cryptocurrency market makes it an imprudent choice for general fund investments. I have signed a bill this session that allows the state government to utilize cryptocurrency without putting general fund money at risk."
Related: Russia states that despite new regulations, 70% of crypto miners remain unregistered
Original: “Arizona Senate Votes to Revive Bitcoin Reserve Bill”
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