Arizona Governor vetoes a bill requiring seized crypto assets to be deposited into a special fund.
Governor Katie Hobbs vetoed House Bill 2324 on Tuesday (July 1) and stated in her letter that the bill "would remove seized assets from local jurisdictions, undermining local law enforcement's and the state's willingness to cooperate on digital asset forfeiture."
The bill was previously rejected in the third round of voting in the House in May, and was then reintroduced by the Senate last month after a reconsideration vote. On June 24, the bill passed in the House with a vote of 34 to 22.
Although the governor's veto can be overridden by a two-thirds majority vote in both the House and Senate, this possibility is unlikely unless some lawmakers change their positions.
The bill proposed the establishment of a "Bitcoin and Digital Asset Reserve Fund" to manage all seized digital assets owned by the state.
According to the bill, in criminal forfeiture cases, the first $300,000 worth of cryptocurrency would belong to the Attorney General's office.
Amounts exceeding that would be distributed proportionally: 50% to the Attorney General's office, 25% to the state general fund, and 25% to the newly established reserve fund.
Hobbs has vetoed several cryptocurrency-related bills that passed in the state legislature.
In May of this year, she vetoed Senate Bill 1025, which aimed to establish an Arizona Strategic Bitcoin Reserve and allowed the state treasurer to invest up to 10% of funds in Bitcoin (BTC), stating that cryptocurrency is an "untested investment."
🇺🇸 JUST IN: Arizona Governor Katie Hobbs has vetoed the state’s digital assets reserve fund bill HB2324. She claimed the bill would prevent local law enforcement from cooperating with the state on digital asset forfeiture by removing seized assets from local jurisdictions. pic.twitter.com/d4LI2j8ASH
So far, Arizona has seen three cryptocurrency-related bills vetoed by the governor, with only one passing.
House Bill 2749 will take effect in May 2025. This bill amends state regulations to establish a Bitcoin and Digital Asset Reserve Fund, incorporating crypto assets into the state’s financial and unclaimed property system, managed by the state treasurer.
Other states in the U.S. are also advancing legislation to establish Bitcoin and cryptocurrency reserves.
Last month, Texas Governor Greg Abbott signed a bill to establish a Texas Strategic Bitcoin Reserve, managed by the state government, incorporating Bitcoin into long-term asset allocation.
New Hampshire also passed a bill in May this year authorizing the state to "invest in cryptocurrencies and precious metals." According to Bitcoin Laws data, six other state legislatures are currently advancing related bills to establish cryptocurrency reserves, with the legislative process at different stages.
Related: FATF's cryptocurrency list hints at the next round of regulatory crackdowns
Original article: “Arizona Governor Vetoes Seized Cryptocurrency Reserve Fund Bill”
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