The Bill of Chamber 2324 of Arizona, which aims to create a bitcoin and Digital Assets Reserve Fund, has been relaunched and successfully adopted a vote in the Senate.
The legislation aims to establish a reserve of digital assets managed by the State funded by confiscated criminal assets. He now goes to the House of Representatives for new deliberations.
The Reconsider Arizona Bitcoin Reserve Bill
Bill 2324 of the Chamber was presented for the first time in February, representative Jeff Weninger being the main sponsor. The bill went through the two chambers. However, he failed a final vote in the House during his third reading on May 7.
However, a series of procedural requests to reconsider the two chambers relaunched the bill. He has now advanced, the Senate voting 16-14 in favor of the measure.
HB 2324 seeks to extend the confiscation laws of Arizona to include digital assets. It provides a legal framework for their crisis, storage and sale.
A key provision in the bill is the creation of Bitcoin and the reserve fund for digital assets. This will safely manage the lost digital assets.
The Treasurer of the State will administer this fund. In addition, the treasurer will be able to invest him in digital assets or negotiated funds on the stock market (ETF) linked to digital assets. The bill also stipulates that the first $ 300,000 in product will go to the prosecutor’s office.
Any remaining value will be divided as follows: 50% in the prosecutor’s office, 25% of the general state fund and 25% of bitcoin and digital assets reserve fund. In addition, the bill provides protections to the innocent owners of goods (including digital assets) by allowing them to claim their property if they were not aware of its link with criminal activity.
“A digital asset can remain in its native form. A digital asset entered in accordance with this chapter must be stored in a secure digital portfolio system approved by the State which is managed by the personnel authorized to prevent the loss, theft or unauthorized access,” said the bill.
To clear the room, HB 2324 requires a majority vote of the 60 members, including 33 Republicans. If it is adopted, the bill will be sent to the office of Governor Katie Hobbs for his approval.
It is important to note that the governor has opposed two digital asset reserve invoices and a bill concerning cryptocurrency payments in the past.
Beincryptto reported that Governor Hobbs had opposed his veto to Bill 1025 of the Senate in May. This legislation would have enabled the State to create a Bitcoin reserve. She made a similar decision for SB 1024 and SB 1373.
SB 1024 sought to allow state agencies to accept cryptocurrency as payment of fines, taxes and costs. On the other hand, SB 1373 proposed the creation of a strategic reserve of digital assets funded by appropriate funds and confiscated digital assets.
The Governor’s reasoning to reject SB 1373 was that it had already signed HB 2749. This bill of the Chamber allows the State to request the property of abandoned digital assets if the owner does not respond to communications within three years.
Thus, even if HB 2324 erases the house, its chances of receiving the governor’s approval seem to be thin. Be that as it may, only time will tell us if this relaunched bill will survive or end up on the same path as its predecessors.
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