Bitcoin Bill Rises from the Dead in Arizona!

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Ah, the wild west of cryptocurrency! 🤠 In a shocking turn of events, one of Arizona’s Bitcoin reserve bills has been resurrected from the depths of legislative limbo. The state’s Senate, in a narrow 16-14 vote, decided to give House Bill 2324 another chance at life.

Initially, the bill had been voted down in the House during its third reading on May 7, but like a phoenix from the ashes, it has risen again. The bill’s purpose is to create a “Bitcoin and Digital Assets Reserve Fund” to manage forfeited digital assets. Because, why not? 🤑

The Senate’s reconsideration vote was a mostly party-line affair, with Republican Jake Hoffman being the sole party pooper. Only a legislator who originally voted against the bill can file a motion to reconsider, and in this case, it was Republican Senator Jane Shamp who decided to give it another go.

Now, HB 2324 must receive a majority vote from the 60 Arizona House members — 33 of which are Republicans — for it to be sent to Governor Katie Hobbs’ desk for approval. The suspense is killing us! 😱

A Bill to Split the Spoils

If HB 2324 passes, the first $300,000 worth of digital assets in a criminal forfeiture would go to the Attorney General’s office. Because, priorities! 🤑 Then, any amount over that would be split 50% with the Attorney General, 25% to the state general fund, and 25% to the new digital assets reserve fund. It’s like a game of cryptocurrency musical chairs! 🎶

The bill, sponsored by Republican Senator Jeff Weninger, would also expand Arizona’s forfeiture laws to include digital assets, establishing provisions for their seizure, storage, and allocation. Because, why not? 🤷‍♂️

Arizona would be able to seize digital assets from individuals who are deceased, deported, fled, have been granted immunity, or have abandoned the property, provided the state can prove that no known owner exists, that diligent efforts were made to identify one, and that no one has claimed legal ownership. It’s like a digital asset treasure hunt! 🏴‍☠️

A Governor’s Dilemma

Governor Hobbs has already signed HB 2749 into law, which allows the state to keep unclaimed crypto and establish a Bitcoin (BTC) reserve fund that won’t use any taxpayer money or state funds. Because, priorities! 🤑

The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a “Bitcoin and Digital Assets Reserve Fund.” It’s like a cryptocurrency piggy bank! 🐖

A Vetoed Bill

However, Hobbs vetoed Senate Bill 1025, which proposed the creation of the Arizona Strategic Bitcoin Reserve Act (2025) and would have allowed the state treasurer to invest up to 10% in Bitcoin and potentially other crypto assets. Because, concerns! 😬

Hobbs cited concerns that retirement funds shouldn’t be exposed to “untested investments like virtual currency.” Ah, the wisdom of a governor! 🙏

Hobbs also vetoed SB 1373, which aimed to create the “Digital Assets Strategic Reserve Fund.” Because, priorities! 🤑

“Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars,” Hobbs stated in her veto letter. “I have already signed legislation this session which allows the state to utilize cryptocurrency without placing general fund dollars at risk.” Ah, the voice of reason! 🙏

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2025-06-20 07:27