The state of Arizona in the USA has decided how to evaluate the confiscated Bitcoins! Here are the details.

The Arizona State Senate has approved a bill proposing the establishment of a Bitcoin and Digital Asset Reserve Fund for seized cryptoassets.

Arizona Senate Approves Bitcoin Bill for Crypto Reserve Fund: Eyes on the House of Representatives

The bill numbered HB 2324, known as the "Bitcoin Reserve Bill", is proceeding towards the final vote in the House of Representatives after being accepted by a vote of 16 to 14.

The proposal, which was introduced for the first time in February and garnered support in both chambers at early stages, had failed in the final vote held in the Parliament last month. However, lawmakers brought the proposal back to the agenda thanks to the "re-evaluation" motions they submitted in both chambers.

Reserve Fund for Seized Cryptos Under State Management

If HB 2324 is enacted, a management mechanism will be established that includes options for the storage of cryptoassets seized as a result of criminal investigations in state-approved wallets, sale in licensed crypto exchanges, or retention in local form according to market conditions, under the supervision of the Arizona State Treasury.

The draft also updates Arizona's seizure laws to include digital assets and establishes a regulatory framework for the custody of assets.

Many states across the United States have started to propose similar laws in parallel with the increasing efforts for cryptocurrency regulation that gained momentum with the return of President Donald Trump to power. Arizona is also one of the most active states in this regard.

Arizona Governor Katie Hobbs approved the establishment of a reserve fund for unclaimed digital assets by signing HB 2749, the state's first successful digital asset law, earlier this year. Additionally, consumer protection regulations for crypto ATMs were also enacted with the HB 2387 law.

However, Hobbs had vetoed two more aggressive legislative proposals:

• SB 1025 proposed that 10% of the state treasury and pension funds be invested in crypto.
• SB 1373 aimed to establish a reserve fund for both confiscated and legislatively allocated cryptoassets.

Governor Hobbs opposed these proposals, stating that crypto investments are too risky, especially for public pension systems.

Next Step: Parliamentary Vote

HB 2324 is now awaiting final vote in the House of Representatives. If approved, Arizona will become one of the few U.S. states where cryptoassets are managed legally and regulated under state supervision. This development could further strengthen the position of cryptocurrencies within state structures in the U.S.

*It is not investment advice.

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