Arizona’s Senate has passed a revived version of the so-called Bitcoin Reserve Bill, clearing the way for the proposal to head to the House for a final vote. House Bill 2324 (HB 2324), which would establish a fund for digital assets seized through criminal asset forfeiture, passed the Senate Thursday by a 16-14 margin. Initially introduced in February, the bill made early progress through both chambers but failed a final vote in the House last month.
Lawmakers brought HB 2324 back to life through a series of procedural “motions to reconsider” filed in both chambers. If passed, the legislation would create a Bitcoin and Digital Assets Reserve Fund overseen by the state treasurer. The fund would manage digital assets seized in criminal investigations, with options to store them in state-approved wallets, sell through licensed crypto exchanges, or retain the assets in native form depending on market and security conditions.
It also amends Arizona’s forfeiture laws to formally include digital assets and outlines custodial requirements. Arizona is one of dozens of states that have introduced crypto-related legislation since President Donald Trump’s return to power, spurred by a broader national push to define digital asset frameworks at the state level.
Earlier this year, Arizona Governor Katie Hobbs signed House Bill 2749, the state’s first successful digital asset reserve legislation. The measure created a digital asset fund focused on abandoned assets. The governor also approved House Bill 2387, which imposes consumer protection rules on crypto ATMs operating in Arizona. However, Hobbs has also blocked two more aggressive crypto proposals.
In early May, she vetoed Senate Bill 1025, which would have allowed state investment of up to 10% of treasury and pension funds in digital assets, calling it too risky for public retirement systems. She also vetoed Senate Bill 1373, which called for the creation of a reserve fund for crypto obtained through seizures and legislative appropriations.
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