The Arizona Senate has successfully passed a revised version of the Bitcoin reserve bill, HB2324, which was initially rejected by the House on May 7. This time, the Senate approved the bill with a narrow 16-14 vote following a “motion to reconsider.”
The bill is now set to be reviewed again by the House, according to the information provided on the bill’s official website.
According to a recent fact sheet from the legislature, HB2324 aims to empower the State Treasurer to create a Bitcoin Reserve Fund specifically for managing cryptocurrencies seized through criminal asset forfeiture.
ARIZONA Update:
The ‘Bitcoin Reserve’ bill HB2324, once voted down, has been resurrected after a ‘motion to reconsider’.
This bill proposes a fund derived from digital assets acquired through criminal asset forfeiture.
It passed the Senate 16-14 and is currently heading to the House. pic.twitter.com/FKmLr8kSmJ
— Bitcoin Laws (@Bitcoin_Laws) June 19, 2025
Governor Katie Hobbs, a Democrat, has gained recognition for vetoing multiple bills since taking office, making her the most frequent vetoer among U.S. governors. She had previously rejected this legislation in May, citing concerns regarding associated risks.
Her decision drew criticism from Bitcoin supporters and some members of the government. Co-sponsor of the bill, Wendy Rogers, voiced her dissatisfaction and expressed intent to bring the bill back for consideration in the next legislative session.
Rogers remarked, “Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” highlighting her belief in the necessity of cryptocurrency for the state.
Details of the Bill
This Republican-backed measure returned for Senate reconsideration after a party-line debate. The motion to revisit the bill was filed by Republican Senator Jane Shamp, who had initially opposed it.
The legislation proposes three handling options for crypto assets that have been seized. These options include storage in state-approved digital wallets, sales through licensed crypto exchanges, or retaining the assets in their current form.
Additionally, the bill specifies how funds generated from the sales of forfeited digital currencies will be allocated. The first $300,000 will be directed to the Anti-Racketeering Revolving Fund. For sales exceeding this amount, the remaining proceeds will be divided, with 50% going to the same anti-racketeering fund, 25% to the state’s General Fund, and 25% to the new BTC Reserve Fund.
Prospects for the Bill’s Future
Notably, Governor Hobbs has recently signed HB2749 into law, which establishes a state-managed Bitcoin reserve fund for unclaimed digital assets and staking rewards. This move positions Arizona as the second U.S. state to develop a formal framework for the management of cryptocurrencies.
The state is concurrently evaluating additional pro-crypto legislation focusing on crypto security, payment kiosks, and related matters.
Although Governor Hobbs has previously cited market volatility in cryptocurrencies as a reason for her vetoes, the prevailing bullish trends in Bitcoin may lend strong support to the passage of future Bitcoin-friendly legislation.
Furthermore, at the federal level, the stablecoin GENIUS bill has successfully passed the Senate, garnering enthusiasm from President Trump, who referred to it as an “incredible bill.”
Expressing his eagerness for prompt action, he wrote on Truth Social, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” calling the bill a testament to American ingenuity.
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