Arizona Reintroduces Bitcoin Cryptocurrency Bill: New Opportunities for the Digital Market
Bitcoin Reserve Bill: The Return of Arizona
After a period of absence, the California government has revived House Bill 2324 to establish a Cryptocurrency Reserve Fund for Bitcoin and other digital assets. This bill passed the Senate threshold with a narrow vote of 16-14, opening the possibility for direct management of assets confiscated from criminal cases. If passed, the state government will be able to manage and distribute confiscated coins through this reserve fund, laying the groundwork for greater clarity and transparency in the local cryptocurrency sector.
How to Use Cryptocurrency Funds?
Bill HB 2324 plans to allocate revenue from confiscated coins. Of that, $300,000 will go directly to the Attorney General's budget, with the remainder distributed fairly: 50% to the Attorney General's office, 25% to the state's general budget, and the remaining 25% added to the cryptocurrency reserve fund. The government is also allowed to store these assets in state-approved digital wallets, sell them through licensed exchanges, or hold them based on market analysis and security factors.
Previous Efforts and the Governor's Perspective
Arizona has tested cryptocurrency laws this year, including a digital asset management law and regulations for cryptocurrency ATMs. However, Governor Katie Hobbs has repeatedly vetoed crypto-related bills, primarily due to the volatility of the cryptocurrency market, needing to avoid risks for the state's general budget. She emphasized the need for caution in allowing public funds to face risks from the digital market.
Next Steps and the Likelihood of the Bill Being Passed
Bill HB 2324 is currently awaiting a vote in the House of Representatives, where at least 31 votes are needed for approval. If it passes, the bill will go to Governor Hobbs for consideration to sign or veto. A positive decision could open new prospects for the cryptocurrency industry in Arizona, laying the groundwork for policies on mining and digital asset management in the region. The cryptocurrency market in this state could enter a new phase of development, bringing clarity and legal safety for investors and businesses in this field.
Source: https://tintucbitcoin.com/chinh-phu-co-phe-duyet-tien-dien-tu/
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