- HB 2324 revived, Senate votes 16–14 to advance crypto reserve
- Seized digital assets can be stored, sold, or held natively
- Bill now heads to Arizona House for final decision
How HB 2324 Was Revived
Arizona’s HB 2324, also known as the Bitcoin Reserve bill, was reintroduced through a reconsideration motion in mid‑June. The Senate then passed it with a narrow 16–14 vote, sending it back to the House of Representatives for a final vote.
What the Bill Enables
If approved, the legislation empowers the state treasurer to establish a Bitcoin and Digital Assets Reserve Fund, integrating seized crypto from criminal forfeitures. The bill allows three handling methods:
- Secure storage in approved digital wallets
- Sale via licensed crypto exchanges
- Retention in native form, guided by market conditions and security concerns
It also updates custodial standards for blockchain assets, including third-party qualified custodians and access protocols.
How Funds Are Distributed
Proceeds from seized asset sales are allocated as follows:
- The first $300,000 goes to the Attorney General’s Office
- The remainder is split: 50% to the AG, 25% to the state general fund, and 25% to the new reserve fund
Additionally, the reserve fund may invest in crypto assets or ETFs, with income returning to the state.
Why It Matters
Arizona is building on earlier crypto-friendly legislation. In May, it passed a related reserve fund law for airdropped or abandoned digital assets—but HB 2324 extends this to seized criminal assets. If signed, it would set a modern standard for state treasury management of digital assets and reinforce Arizona’s growing role in U.S. crypto policy.
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