Arizona House Passes Bill to Establish Reserve Fund with Seized Cryptocurrencies, Awaiting Governor's Signature

On the 25th, the Arizona House of Representatives passed HB2324, a bill to establish a reserve fund using cryptocurrencies seized during criminal investigations, with a majority vote of 34 to 22. The bill, which narrowly passed the Senate last week with a 16 to 14 vote, is now awaiting the signature of Governor Katie Hobbs. HB2324 grants the state treasurer the authority to create a 'Bitcoin and Digital Assets Reserve Fund,' enabling the management, investment, and sale of cryptocurrencies obtained from seized criminal assets. The first $300,000 from the sale of seized cryptocurrencies will be allocated to the Anti-Organized Crime Revolving Fund, with any excess divided among the same fund at 50%, the state's general fund at 25%, and the newly established reserve fund at 25%.