Arizona Lawmakers Review Bitcoin Reserve Bill: Will it Pass the

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Arizona

Bitcoin Reserve

Arizona Governor Katie Hobbs vetoed the legislation in May, citing concerns over risk.

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Sujha Sundararajan

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Sujha Sundararajan

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The Arizona Senate has passed a revised Bitcoin reserve bill, HB2324, which was initially turned down by the House on May 7. The bill cleared the chamber in a 16-14 vote, after the Senate passed a “motion to reconsider.”

The legislation is now moving to the House for further consideration, the bill’s website noted.

Per the legislature’s latest fact sheet, HB2324 would allow the State Treasurer to establish the Bitcoin Reserve Fund in order to manage crypto seized through criminal forfeiture.

Arizona Governor Katie Hobbs, a Democrat, has vetoed several bills since last year – the highest rate among U.S. governors. In May, she rejected the bill, citing concerns over risk.

Her rejection sparked criticism from Bitcoin advocates and some government officials. Wendy Rogers, who co-sponsored the bill, expressed her disappointment and pledged to reintroduce it in the next legislative session.

“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” Rogers said at the time.

This is What the Bill Outlines.

The Republican-backed bill came to the Senate’s reconsideration after entirely going through party lines. Republican Senator Jane...

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