The Arizona House of Representatives has given Bitcoin Reserve Fund (BTC) and Bill 2324, a regulation that establishes the creation of digital assets. A vote of 34 to 22 means the law is currently heading towards Gov. Katie Hobbs, whose decision will determine whether her signature will give way to the management of seized digital assets.
This legislative movement directly addresses the governor’s past veto. That itself The fourth Bitcoin Reserve bill approved at the Arizona Conference. However, of the first three, two were rejected by the governor, and only one got his signature.
So, instead of allocating public funds to buy digital currency, the project dodges that way by focusing solely on forfeiture assets through the criminal forfeiture process.
This strategy, considered a “meslada,” greatly enhances the possibility of legislation indicating tactical changes in the ambitions that some lawmakers maintained to create strategic BTC reserves.
If approved, the law allows states to manage and protect these digital assets under new protocols. Distribution Plans Assign the first $300,000 of each confiscation to the Attorney General’s Officethe rest will be distributed to funds from various states.
“The confiscated digital assets are sold on a secure platform approved by the state. The first US$300,000 of the sale will be sent to the Attorney General’s office. If that amount exceeds, the remaining will be split into 50% to the Attorney General, and 25% to the State General Fund, and 25% will be split into Bitcoin Reserve Funds and Digital Assets.”
For details, the HB2324 proposal orders to be prepared Specific funds managed by state accountingsave, manage and assign confiscated digital assets. This deposit includes a variety of assets, such as Bitcoin and cryptocurrency, but their use is subject to legislative budgets.
Resources can be used to cover investigation costs, compensate victims of related crimes, and fund other activities that are directly linked to the forfeiture process.
This structure places Arizona in a new phase of regulatory oversight and creates possible models for other states seeking to integrate digital assets into their businesses, but is not using them accurately for savings.
All attention is now focused on Gov. Hobbs’ decision. Analysts and lawmakers have a structured, low-risk approach to HB2324. Minimize objections that have sunk previous initiativesas observed by members of the Julian Farrer community.
As reported by Cryptonoticias, in the beginning of May, Arizona Governor Katie Hobbs signed Act 2749, allowing the creation of the first reserve for the state’s cryptocurrency. Although this Act does not allow direct investment, this Act allocates digital assets, airdrops and staking fees to the Special Fund.