The vetoed HB 2324 outlined the provision for the State Treasurer to form the Bitcoin and Digital Assets Reserve Fund, which would manage the crypto assets acquired via criminal forfeiture. With the governor’s consent, the state would have been able to invest, reinvest, and divest funds in crypto assets or exchange-traded funds that include digital assets.

In May, Arizona implemented HB 2749, thereby becoming the second U.S. state to enact a crypto reserve bill into law, following New Hampshire. While HB 2749 concentrates on unclaimed cryptocurrencies deemed as abandoned, the now-rejected HB 2324 was specifically designed for crypto assets acquired through forfeiture.

Apart from these, Arizona is contemplating various other laws concerning crypto, such as HB 2387, which intends to regulate operators of cryptocurrency kiosks.

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