Arizona's Senate has revived House Bill 2324, which aims to establish a 'Bitcoin and Digital Assets Reserve Fund' to manage forfeited digital assets. Initially rejected on May 7, the bill was reconsidered after a 16-14 Senate vote. The proposal, primarily supported by Republicans, allows the state to seize digital assets from individuals who are deceased, deported, or have abandoned their property, provided there is no known owner. If passed, the first $300,000 from criminal forfeitures would go to the Attorney General, with any excess divided among the Attorney General, the state general fund, and the new reserve fund. The bill's sponsor, Republican Senator Jeff Weninger, also seeks to expand Arizona's forfeiture laws to include digital assets. Governor Katie Hobbs recently signed HB 2749, allowing the state to retain unclaimed crypto without using taxpayer funds. However, she vetoed other bills that would expose state funds to cryptocurrency investments, citing market volatility concerns. Read more AI-generated news on: https://app.chaingpt.org/news

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