Arizona Senate revives Bitcoin reserve bill after reconsideration vote

5 hours ago

One of Arizona’s Bitcoin reserve bills has been revived aft the state’s Senate passed a question to reconsider the measure connected Thursday.

House Bill 2324 was initially voted down successful the House during its 3rd speechmaking connected May 7, but is present headed backmost to the enclosure for reconsideration aft the Senate voted 16-14 successful favour of the measure.

The measure would let the authorities to make a “Bitcoin and Digital Assets Reserve Fund” to negociate forfeited integer assets. It is 1 of respective crypto bills that the state’s lawmakers person reviewed successful caller months.

The Senate’s reconsideration ballot for the Republican-backed measure went astir wholly on enactment lines, with Republican Jake Hoffman the sole subordinate of his enactment to ballot against the bill.

Only a legislator who primitively voted against the measure tin record a question to reconsider — successful this case, it was Republican Senator Jane Shamp.

HB 2324 indispensable person a bulk ballot from the 60 Arizona House members — 33 of which are Republicans — for it to beryllium sent to Governor Katie Hobbs’ table for approval.

Bill to divided Bitcoin reserve funds betwixt departments

If HB 2324 passes, the archetypal $300,000 worthy of integer assets successful a transgression forfeiture would caput to the Attorney General’s office.

Then, immoderate magnitude implicit that would beryllium divided 50% with the Attorney General, 25% to the authorities wide money and 25% to the caller integer assets reserve fund, the measure states.

The bill, sponsored by Republican Senator Jeff Weninger, would besides grow Arizona’s forfeiture laws to see integer assets, establishing provisions for their seizure, retention and allocation.

Arizona would beryllium capable to prehend integer assets from individuals who are deceased, deported, fled, person been granted immunity oregon person abandoned the property, provided the authorities tin beryllium that nary known proprietor exists, that diligent efforts were made to place 1 and that nary 1 has claimed ineligible ownership.

Arizona Governor has signed a Bitcoin bill

Governor Hobbs signed HB 2749 into law connected May 7, which allows the authorities to support unclaimed crypto and found a Bitcoin (BTC) reserve money that won’t usage immoderate taxpayer wealth or authorities funds.

The state’s custodians tin involvement the crypto to gain rewards or person airdrops, which tin past beryllium deposited into what Arizona has called a “Bitcoin and Digital Assets Reserve Fund.”

Hobbs vetoes 2 crypto bills

Another Bitcoin reserve measure that reached Hobbs’ table was Senate Bill 1025, which projected the instauration of the Arizona Strategic Bitcoin Reserve Act (2025) and would person allowed the authorities treasurer to put up to 10% successful Bitcoin and perchance different crypto assets.

However, Hobbs vetoed the bill connected May 2, citing concerns that status funds shouldn’t beryllium exposed to “untested investments similar virtual currency.”

Hobbs besides vetoed SB 1373 connected May 12, which aimed to make the “Digital Assets Strategic Reserve Fund.”

“Current volatility successful cryptocurrency markets does not marque a prudent acceptable for wide money dollars,” Hobbs stated successful her veto letter. “I person already signed authorities this league which allows the authorities to utilize cryptocurrency without placing wide money dollars astatine risk.”

Magazine: Arthur Hayes doesn’t attraction erstwhile his Bitcoin predictions are wholly wrong

View source