Arizona’s push to create a state-run Bitcoin reserve is back on track after a surprising turnaround in the state Senate. Lawmakers revived House Bill 2324 on Thursday with a 16-14 vote, moving it back to the House for reconsideration.
Initially rejected on May 7, the bill now has another shot, thanks to a motion filed by Republican Senator Janae Shamp, the only way a previously defeated bill can be revived. Republican Jake Hoffman was the only GOP member to oppose the bill.
HB 2324 aims to create a “Bitcoin and Digital Assets Reserve Fund” to manage crypto assets seized through criminal forfeiture. If passed, the first $300,000 of such assets would go to the Attorney General’s office. Anything above that would be split, 50% to the AG, 25% to the state’s general fund, and 25% to the new reserve fund.
The bill would also expand Arizona’s asset forfeiture laws to include digital assets, detailing how they can be seized and stored when no rightful owner is found.
This comes after Governor Katie Hobbs signed HB 2749 on May 7, allowing Arizona to build a Bitcoin reserve without using taxpayer funds. The state can also stake the crypto or collect airdrops.
However, Hobbs vetoed two other crypto-related bills, including SB 1025, which proposed investing 10% of state funds in crypto, calling it too risky.
Now, all eyes are on the Arizona House; if it passes HB 2324, the bill heads straight to the governor’s desk.
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