Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote

Arizona moved nearer to establishing a bitcoin

reserve fund after the state’s Senate voted in favor of the invoice at its third studying.

Arizona’s Senate handed House Bill 2324 (HB2324) in a 16-14 vote on Thursday, sending it again to House for a remaining resolution.

The laws would replace Arizona’s legal guidelines on forfeiture, permitting the state to maintain deserted digital property as unclaimed property. It additionally creates a “Bitcoin and digital assets reserve fund” to handle the forfeited property.

It follows House Bill 2749 (HB2749), enacted in April, which amended unclaimed property frameworks to combine digital property.

The invoice is distinct from Senate Bill 1025 (SB1025), which proposed utilizing seized funds to spend money on BTC. That handed the House 31-25 earlier than being vetoed by Governor Katie Hobbs, who referred to cryptocurrency as an “untested investment.”

The solely state to have accomplished the legislative course of for making a BTC reserve is New Hampshire. Like Arizona, a invoice in Texas can also be in its remaining phases.