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Arizona Governor vetoes Bitcoin reserve fund bill built on seized assets

2025-07-02 09:50:17

Main Idea

Arizona’s governor Katie Hobbs vetoed House Bill 2324, which proposed creating a Bitcoin and Digital Assets Reserve Fund using seized crypto assets, marking the third cryptocurrency-related measure she has rejected.

Key Points

1. HB 2324 aimed to establish a 'Bitcoin and Digital Assets Reserve Fund' and passed the Arizona Legislature but was vetoed by Governor Katie Hobbs.

2. The bill proposed distributing seized assets: 50% to the Attorney General, 25% to the state general fund, and 25% to the new reserve fund.

3. This is the third crypto-related bill Hobbs has vetoed, including SB 1025 (proposing 10% public funds in Bitcoin) and SB 1373 (a Strategic Digital Assets Reserve).

4. Arizona’s Department of Revenue is authorized to manage seized crypto assets, but HB 2324 was rejected despite procedural revivals after initial rejection.

5. Other states, like New Hampshire, have passed bills allowing public funds to be invested in cryptocurrencies and precious metals.

Description

Arizona’s governor Katie Hobbs has vetoed a bill that would have created a state-managed Bitcoin reserve fund using seized digital assets. House Bill 2324, which cleared the Arizona Legislature last month, proposed the establishment of a “Bitcoin and Digital Assets Reserve Fund.” The fund was designed to hold digital assets confiscated through criminal forfeiture, including Bitcoin, stablecoins, and other cryptocurrencies. The legislation passed the House in a 34-22 vote on June 24 after narrowl...

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Crypto Crypto regulation Bitcoin USA
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