Arizona’s Bitcoin Bill: Senate Says Yes, House May Say No!

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Get ready for some digital asset drama in Arizona!

House Bill 2324, aka the “Bitcoin and Digital Assets Reserve Fund” bill, has been given a new lease of life by the Senate. After a nail-biting 16-14 vote, it’s now heading back to the House of Representatives for another round of deliberation.

Arizona’s Bitcoin Bill: Senate Says Yes, House May Say No!

First introduced in February by Representative Jeff Weninger, the bill initially passed through both chambers. However, it failed to make the cut during its third reading on May 7. But, thanks to some procedural magic, it’s back in the game!

ARIZONA Update:

‘Bitcoin Reserve’ bill HB2324, which initially failed, has been revived after a ‘motion to reconsider’.

The bill would create a fund out of digital assets seized via criminal asset forfeiture.

It passed the Senate today 16-14, and is now in the House.

— Bitcoin Laws (@Bitcoin_Laws) June 19, 2025

HB 2324 aims to expand Arizona’s forfeiture laws to include digital assets. It provides a legal framework for their seizure, storage, and sale. The bill also proposes the creation of the Bitcoin and Digital Assets Reserve Fund, which will be managed by the state treasurer.

But wait, there’s more! The treasurer will be able to invest the fund in digital assets or exchange-traded funds (ETFs) related to digital assets. The bill also stipulates that the first $300,000 of proceeds will go to the Attorney General’s office, with the remaining value divided among the Attorney General’s office, the State General Fund, and the Bitcoin and Digital Assets Reserve Fund.

To protect innocent owners of property (including digital assets), the bill allows them to claim their property if they were unaware of its connection to criminal activity.

“A digital asset may remain in its native form. A digital asset that is seized pursuant to this chapter must be stored in a state-approved, secure digital wallet system that is managed by authorized personnel to prevent loss, theft or unauthorized access,” the bill reads.

For HB 2324 to become law, it needs a majority vote from the 60 members of the House, 33 of whom are Republicans. If it passes, the bill will be sent to Governor Katie Hobbs’ desk for her approval.

But here’s the twist: Governor Hobbs has vetoed two digital asset reserve bills and one bill concerning cryptocurrency payments in the past. So, even if HB 2324 clears the House, its chances of receiving the Governor’s approval seem slim.

Only time will tell whether this revived bill will survive or end up down the same path as its predecessors. Stay tuned for more digital asset drama in Arizona! 😜

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2025-06-20 09:32