Arizona Bill to Establish Crypto Reserve Fund
Arizona's House of Representatives recently approved a bill, identified as HB 2324, creating a reserve fund for seized cryptocurrency. The bill passed the House with a 34-22 vote and had cleared the Senate earlier with a 16-14 vote. The primary aim of HB 2324 is to enable the State Treasurer to form a Bitcoin and Digital Assets Reserve Fund. This fund will manage crypto assets taken through criminal forfeiture, allowing the state to invest and divest in such assets. If Governor Hobbs signs it into law, this will be Arizona's second legislation related to crypto reserves. HB 2324 particularly targets crypto obtained via forfeiture, while previously enacted HB 2749 dealt with abandoned crypto assets. Revenues from selling these forfeited assets will first support the Anti-Racketeering Revolving Fund, with subsequent earnings distributed among the General Fund and the new Bitcoin and Digital Assets Reserve Fund. Arizona is also assessing various other crypto-related legislative proposals.
FAQ
❓ What is the purpose of HB 2324 in Arizona?
HB 2324 aims to establish a reserve fund for managing crypto assets seized through criminal forfeiture in Arizona.
❓ How will the funds from forfeited crypto assets be used?
The first $300,000 supports the Anti-Racketeering Revolving Fund, with remaining funds split between the General Fund and the new reserve fund.