Arizona lawmakers have revived and advanced legislation that would create a state-managed reserve fund for seized cryptocurrency assets.
The bill, HB 2324, passed the Senate in a narrow 16-14 vote on Thursday, marking a significant step forward after it previously failed in the House last month.
HB 2324 would authorize the State Treasurer to establish a “Bitcoin and Digital Assets Reserve Fund” to store, invest, and manage cryptocurrencies seized through criminal asset forfeiture. The fund would also be permitted to hold positions in digital asset exchange-traded funds (ETFs), expanding the state’s exposure to crypto-linked investment products.
The bill’s progress comes after amendments were made in the Senate, prompting its return to the House for further consideration.
If passed, Arizona would become one of the first U.S. states to formally structure a reserve tied to seized digital assets, potentially setting a precedent for other jurisdictions grappling with crypto asset management and storage.
The legislation reflects growing recognition of the need for infrastructure to handle digital assets securely and transparently as crypto seizures increase in law enforcement actions.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/arizona-senate-approves-crypto-reserve-fund-bill-heads-back-to-house/