Arizona Senate Passes Bitcoin Reserve Bill for Seized Crypto, Heads to House For Debate

The Arizona Senate adopted a revived version of the so -called Bitcoin Law, cleaning the way to the proposal to head to the home for the final vote.

House Bill 2324 (HB 2324), which would establish a digital property fund seized for the seizure of criminal assets, the Senate adopted Marz 16-14 on Thursday.

Initially presented in February, the proposal of the Law made early progress through both chambers, but failed to finally vote in the house last month.

The MPs revived HB2324 through a series of procedural “proposals for re -consideration” submitted in both chambers. If they are adopted, the legislation would create a reserve fund for Bitcoin and Digital Property supervised by a state treasurer.

The Fund would manage digital assets seized in criminal investigations, with storage opportunities in wallets approved countries, sales through licensed crypto stock exchanges, or retaining property in its original form, depending on market and safety conditions.

Also amend the laws on the deprivation of Arizona to formal digital assets formally and state custody requirements.

Arizona is one of the dozen countries they have introduced Legislation related to cryptocurrencies from the return of President Donald Trump to power, fueled by a wider national pressure on defining the framework of digital assets at the state level.

While some accounts were successful, others faced opposition or executive veto.

Earlier this year, the governor of Arizona Katie Hobbs was signed by Bill House Bill 2749, the first successful legislation on digital asset reserves in the country. Measure created The Digital Property Fund focused on abandoned property.

The governor has also approved House Bill 2387, which imposes the KRIPTO Consumer Protection Rules to operate in Arizona.

However, Hobbs also had blocked Two aggressive cryptocurrency proposals. At the beginning of May, Veto is at the Senate Bill of Law 1025, which would allow state investment up to 10% of the treasury and pension funds in digital assets, calling it too risky for public pension systems.

She also put Veto on the Senate Bill of Law 1373, which he called for the creation of a spare fund for cryptocurrencies obtained by seizures and legislative funds.

Edited Sebastian Sinclair