Summary
- The Arizona House announced the passage of a bill to establish a reserve fund for managing virtual assets seized due to crimes.
- If enacted, the State Treasurer will oversee the reserve and directly manage the virtual asset portfolio.
- With final approval, Arizona would become the first state to operate a fund managed by seized virtual assets.
The Arizona House has passed a bill establishing a reserve fund for the management of virtual assets (cryptocurrencies) seized due to crimes, including Bitcoin (BTC).
According to Coindoo on the 25th (local time), on the 24th, the virtual asset reserve bill HB2324 was passed in the Arizona House by a vote of 34 to 22. The bill is now awaiting final approval from Governor Katie Hobbs.
If enacted, the bill will grant the State Treasurer the authority to oversee the reserve and manage the virtual asset portfolio. The Treasurer will have the power to make investment and withdrawal decisions regarding virtual assets and virtual asset ETFs. The reserve will be composed exclusively of assets seized from criminal activities.
Meanwhile, HB2324 marks Arizona’s second legislative attempt to formalize virtual asset holdings, and if passed, Arizona will become the first state to establish a fund managed entirely by seized virtual assets.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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