The post Arizona revives Bitcoin reserve bill and passes it in Senate appeared on BitcoinEthereumNews.com.

Key Takeaways Arizona Senate on Thursday passed a bill to create a state-managed Bitcoin and Digital Assets Reserve Fund for seized assets. The fund allows secure storage, sale, or retention of digital assets and updates custodial standards for blockchain-based assets. Arizona lawmakers revived and voted to advance House Bill 2324 (HB2324), proposed legislation to create a state-managed fund for Bitcoin and other digital assets seized through criminal forfeiture, according to a Thursday update from Bitcoin Laws. HB2324 was introduced in the Arizona House of Representatives in February and passed the Senate in early May. However, the House failed to approve the bill in its final vote, effectively halting its progress. Through a series of procedural motions to reconsider in both chambers, the bill was revived in mid-June, cleared the Senate in a narrow 16–14 vote on Thursday, and is now in the House for a final vote. HB2324 seeks to establish a Bitcoin and Digital Assets Reserve Fund under the state treasurer’s oversight. The fund would manage digital assets confiscated through criminal asset forfeiture. The proposed legislation outlines three options for handling seized digital assets, including storage in state-approved digital wallets, sale through licensed crypto exchanges, or retention in native form based on market and security factors. The bill modifies Arizona’s forfeiture laws to include digital assets and establishes modern custodial standards, incorporating blockchain-based access protocols and qualified third-party custodians. Under the proposed distribution structure, the first $300,000 from seized digital asset sales would go to the Attorney General’s Office. Additional proceeds would be split, with 50% going to the Attorney General, 25% to the state general fund, and 25% to the new Bitcoin and Digital Assets Reserve Fund. The legislation would allow fund assets to be invested in digital assets or crypto ETFs, with earnings returning to the state.…

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Filed under: News - @ June 20, 2025 1:27 am