Arizona has passed HB2324, a bill that establishes a state-managed Bitcoin Reserve funded by digital assets seized through criminal forfeiture. The legislation now awaits Governor Katie Hobbs’ signature to become law.
HB2324 updates Arizona’s forfeiture statutes to formally recognize cryptocurrencies and outlines procedures for law enforcement to securely seize and store them using approved digital wallets. Under the bill, the first $300,000 in seized crypto goes to the Attorney General’s office. Any additional funds are distributed as follows: 50% to the Attorney General, 25% to the state’s general fund, and 25% to the newly created reserve fund.
Initially defeated in the House on May 7, the bill saw a revival after passing the Senate in a narrow 16–14 vote on June 19. Republican Senator Janae Shamp, who had previously opposed the bill, filed a motion to reconsider, leading to its eventual approval by the House.
If signed, HB2324 would mark Arizona’s second law focused on Bitcoin reserves. The first, HB2749, signed earlier by Governor Hobbs, created a reserve fund for unclaimed digital assets. That law enables the state to claim abandoned cryptocurrencies after three years and manage them through the Department of Revenue. However, it does not involve criminal forfeiture.
Two prior attempts to create a Bitcoin reserve — SB1373 and SB1025 — were vetoed by Governor Hobbs, who cited concerns over financial risk and state policy. Unlike HB2324, those bills proposed allowing direct state investment in Bitcoin and other cryptocurrencies.
