Arizona’s House of Representatives has passed HB 2324, a bill that would establish a Bitcoin and Digital Assets Reserve Fund to manage crypto assets seized through criminal forfeiture.
The bill now heads to Governor Katie Hobbs for final approval.
HB 2324 passed the House in a 34–22 vote on Tuesday, following a close 16–14 Senate vote last week. The bill previously failed a final House reading in May before gaining enough support to advance.
Bill Empowers State to Hold and Invest in Crypto
If enacted, the law would authorize the State Treasurer to oversee the reserve fund and manage its digital asset portfolio. This includes the ability to invest, reinvest, or divest in cryptocurrencies or exchange-traded funds (ETFs) backed by digital assets.
The reserve would exclusively consist of crypto assets seized through criminal activity, giving Arizona new capabilities in managing digital assets within its public financial framework.
Arizona Moves Toward Crypto Integration
HB 2324 marks the second legislative initiative in Arizona aimed at formalizing crypto reserves. It reflects the state’s growing interest in leveraging blockchain-based assets within government operations and financial planning.
If signed by Governor Hobbs, Arizona would become one of the first U.S. states with a legally recognized digital asset reserve fund backed by seized crypto holdings.
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-passes-bill-to-create-bitcoin-and-digital-asset-reserve-fund/