The Arizona Senate has voted to revive House Bill 2324, a Bitcoin reserve bill that initially failed in the House.
One of Arizona’s Bitcoin reserve bills has been revived after the state’s Senate passed a motion to reconsider the bill on Thursday.
House Bill 2324 was initially voted down in the House during its third reading on May 7, but is now headed back to the chamber for reconsideration after the Senate voted 16-14 in favor of the measure.
The bill would allow the state to create a “Bitcoin and Digital Assets Reserve Fund” to manage forfeited digital assets. It is one of several crypto bills that the state’s lawmakers have reviewed in recent months.
The Senate’s reconsideration vote for the Republican-backed bill went almost entirely along party lines, with Republican Jake Hoffman the sole member of his party to vote against the bill.
Only a legislator who originally voted against the bill can file a motion to reconsider — in this case, it was Republican Senator Jane Shamp.
Bill to split Bitcoin reserve funds between departments
If HB 2324 passes, the first $300,000 worth of digital assets in a criminal forfeiture would head to the Attorney General’s office.
Then, any amount over that would be split 50% with the Attorney General, 25% to the state general fund and 25% to the new digital assets reserve fund, the bill states.
The bill, sponsored by Republican Senator Jeff Weninger, would also expand Arizona’s forfeiture laws to include digital assets, establishing provisions for their seizure, storage and allocation.
Arizona would be able to seize digital assets from individuals who are deceased, deported, fled, have been granted immunity or have abandoned the property, provided the state can prove that no known owner exists, that diligent efforts were made to identify one and that no one has claimed legal ownership.
Arizona Governor has signed a Bitcoin bill
Governor Hobbs signed HB 2749 into law on May 7, which allows the state to keep unclaimed crypto and establish a Bitcoin BTC $104,708 reserve fund that won’t use any taxpayer money or state funds.
The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a “Bitcoin and Digital Assets Reserve Fund.”
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