Arizona state won’t buy Bitcoin
The post Arizona state won’t buy Bitcoin appeared on BitcoinEthereumNews.com. HB 2324 heads to the governor’s desk after House vote, establishing a U.S. first: a state-run Bitcoin reserve funded entirely by forfeited digital assets The Arizona House of Representatives passed House Bill 2324 on Tuesday, approving legislation to create the first Bitcoin reserve in the United States funded solely through seized digital assets. The 34–22 vote, with four members not voting, sends the bill to Governor Katie Hobbs, who now has five business days to sign or veto it. If enacted, the measure would position Arizona as a national pioneer, distinct from New Hampshire and Texas, which recently approved their own state-level Bitcoin reserves using public funds. Arizona’s version, by contrast, would draw exclusively from digital assets forfeited in criminal investigations, making it the country’s first “seized-assets-backed” Bitcoin reserve. No Taxpayer Exposure Under HB 2324, the first $300,000 from each digital asset forfeiture would go to the Arizona Attorney General’s office. The remainder would be split: 50% to the AG, 25% to the state’s General Fund, and 25% into the newly created Bitcoin reserve, a framework explicitly defined in the legislation. The reserve must be held in a state-approved, secure digital wallet. While the bill does not mandate annual audits, it does restrict how assets can be liquidated. Any sale or conversion of Bitcoin must occur through “state-approved cryptocurrency exchanges or other secure platforms,” according to the bill text. However, there is no explicit requirement for case-by-case legislative or executive approval for liquidation. Tuesday’s vote came five days after the Arizona Senate narrowly passed the measure 16–14. With House concurrence now secured, the bill advances to Gov. Hobbs, who has until July 1 to act. Setting a Precedent The bill makes Arizona the third U.S. state to authorize a Bitcoin reserve, but the first to do so without any taxpayer…
The post Arizona state won’t buy Bitcoin appeared on BitcoinEthereumNews.com.
HB 2324 heads to the governor’s desk after House vote, establishing a U.S. first: a state-run Bitcoin reserve funded entirely by forfeited digital assets The Arizona House of Representatives passed House Bill 2324 on Tuesday, approving legislation to create the first Bitcoin reserve in the United States funded solely through seized digital assets. The 34–22 vote, with four members not voting, sends the bill to Governor Katie Hobbs, who now has five business days to sign or veto it. If enacted, the measure would position Arizona as a national pioneer, distinct from New Hampshire and Texas, which recently approved their own state-level Bitcoin reserves using public funds. Arizona’s version, by contrast, would draw exclusively from digital assets forfeited in criminal investigations, making it the country’s first “seized-assets-backed” Bitcoin reserve. No Taxpayer Exposure Under HB 2324, the first $300,000 from each digital asset forfeiture would go to the Arizona Attorney General’s office. The remainder would be split: 50% to the AG, 25% to the state’s General Fund, and 25% into the newly created Bitcoin reserve, a framework explicitly defined in the legislation. The reserve must be held in a state-approved, secure digital wallet. While the bill does not mandate annual audits, it does restrict how assets can be liquidated. Any sale or conversion of Bitcoin must occur through “state-approved cryptocurrency exchanges or other secure platforms,” according to the bill text. However, there is no explicit requirement for case-by-case legislative or executive approval for liquidation. Tuesday’s vote came five days after the Arizona Senate narrowly passed the measure 16–14. With House concurrence now secured, the bill advances to Gov. Hobbs, who has until July 1 to act. Setting a Precedent The bill makes Arizona the third U.S. state to authorize a Bitcoin reserve, but the first to do so without any taxpayer…
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