The Arizona State Senate has voted for the second time on bill HB 2324, which proposes the establishment of the state’s first reserve fund to manage confiscated cryptocurrency assets. The decision was made with a two-vote margin, after which the document was sent back to the House of Representatives for reconsideration.
This is reported by Бізнес • Медіа
Structure and Mechanisms for Distributing Crypto Assets
The updated bill specifies that the newly created state crypto reserve will be overseen by the Arizona Treasurer. The fund is authorized to invest, reinvest, and allocate assets, including investments in exchange-traded crypto funds. Funds obtained from the sale of confiscated digital assets will be distributed in several stages: the first $300,000 will go to the Renewed Fund for Combating Racketeering. Subsequent revenues will be distributed as follows: 50% will remain in this same fund, 25% will go to the state’s general budget, and the remaining 25% will be allocated to the newly created reserve fund.
Enhancing Control and Security of Crypto Assets
Particular attention is given to the issues of protection and storage of digital assets. The bill requires authorities to ensure reliable control over cryptocurrency wallets: this may involve either obtaining private keys and passwords or transferring assets to state-approved platforms.
“The document requires authorities to ensure control over crypto wallets — either by obtaining private keys and passwords or by transferring funds to state-approved platforms.”
The HB 2324 initiative is part of a broader reform in Arizona regarding the regulation of digital assets. In May 2025, another law — HB 2749 — concerning unclaimed crypto assets was already approved in the state. Additionally, regulatory changes aimed at regulating payment infrastructure and implementing new security measures are being considered.
At the same time, at the federal level, the regulation of cryptocurrencies remains a focal point. Earlier this week, the U.S. Senate passed the GENIUS bill regarding stablecoins, which is currently under consideration in the House of Representatives. President Donald Trump has called for the swift passage of this document, emphasizing its significance for the United States’ global leadership in the field of digital finance.
It is worth noting that a similar legislative initiative to create a crypto reserve has also been registered in Ukraine.