Crypto news

Arizona Just Won’t Quit: Bitcoin Reserve Plot Twist Leaves Lawmakers in a Frenzy!

BBG News

Let’s hear it for Arizona lawmakers, who are back at it like your ex who just can’t let things go. These legislative rock stars have dusted off a bill that wants to make digital assets (yes, your beloved Dogecoin might not be safe) part of the state’s forfeiture laws, all to create a shiny new Bitcoin reserve fund. Because if something is worth doing, it’s worth redoing. Apparently. 🤑

Fast-forward to June 19, and you’ve got House Bill 2324 alive again after being dramatically rejected in May—think “reality TV but with fewer roses.” The Senate barely squeaked out a 16-14 vote, proving democracy sometimes hinges entirely on who had coffee that morning.

The plot thickens: Republican Senator Janae Shamp, who originally said “nope,” hit the political equivalent of an undo button and moved for a do-over. HB 2324 now faces a 60-member House—Republicans: 33, Democrats: the remainder, and Independents: probably just here for the popcorn. If they say yes, off it goes to Governor Katie Hobbs, who’s presumably bracing for the paperwork storm.

What is HB 2324? (and why should you care?)

HB 2324 is like Arizona saying, “You know what, we want in on this crypto thing, but only if it’s, you know, seized from criminals.” They want to set up a “Bitcoin and Digital Assets Reserve Fund,” which sounds like a tech startup but is actually government bureaucracy in a snazzy suit.

Basically, the bill updates old laws to treat digital assets (cryptocurrency, NFTs, possibly that one cursed meme coin) just like any other seized loot. New rules (with fancy, “digital wallet” security—because nobody wants law enforcement keeping Bitcoin on Post-it notes) spell out the seizure, storage, and allocation process.

How will they split the crypto bounty? The first $300,000 goes to the Attorney General—because power suits don’t buy themselves. Everything else gets chopped up: half to the Attorney General again, a quarter to Arizona’s general fund (for the people! Or, you know, highway repairs), and the last chunk to the new reserve. Sharing is caring, but apparently so is ~hoarding~ responsibly saving crypto.

The bill also tries to play nice with “innocent owners” (big “not you, criminal” energy), and even sets rules so your cousin’s busted Honda won’t get seized for holding a USB stick.

HB 2324 is supposedly keeping pace with the role of digital assets in crime and commerce. Or maybe lawmakers just wanted an excuse to Google “crypto memes.”

For extra fun, compare this bill to HB 2749—signed into law literally the same day that HB 2324 took a nap. HB 2749 lets the state take possession of unclaimed digital assets (basically, lost crypto gets a new home), passes on the *criminal drama*, and instead focuses on old-fashioned regulatory red tape. Seriously, all you have to do is abandon your crypto for three years and it goes to the Arizona Department of Revenue, who probably still thinks “airdrops” are courtesy of pigeons.🕊️

HB 2749 also establishes a fund—staking rewards, airdrops, and all that jazz—but swears it won’t touch your taxes. Unlike HB 2324, not a dime from crime, just leftovers from the digital couch cushions. Both bills birth a reserve fund, but HB 2749 does it with the quiet dignity of leftovers, whereas HB 2324 comes in waving criminal Bitcoin receipts.

And before you accuse Arizona of being an early adopter: They’re following New Hampshire, which went full crypto-backpack-dad mode by authorizing its treasurer to invest up to 10% of public funds in Bitcoin and other *mega* digital assets (because who needs boring bonds when you could have NFTs of laser-eyed cats?).

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2025-06-20 09:30

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