Overview

Arizona has taken a significant step towards establishing a reserve fund for bitcoin after the Senate voted in favor of House Bill 2324 (HB2324). This vote allows the state to manage abandoned digital assets as unclaimed property.

Key Points

• The bill passed in the Senate with a 16-14 vote and now heads back to the House for a final decision.
• If enacted, it will update forfeiture laws, permitting the state to hold abandoned digital assets.
• It also creates a reserve fund specifically for bitcoin and other digital assets.

Legislative Background

This proposal follows the earlier passage of House Bill 2749 (HB2749), which modified property laws to include digital assets. A separate proposal, Senate Bill 1025 (SB1025), aimed at using seized funds to invest in bitcoin but was vetoed by Governor Katie Hobbs, who questioned cryptocurrencies as “untested investments.”

Comparisons

New Hampshire is the only state that has fully authorized a bitcoin reserve, while a similar bill in Texas is nearing completion as well.