In a masterclass of governmental gymnastics, the Arizona Senate has reprised its efforts to establish a state-run Bitcoin reserve, much like a beleaguered theatre troupe resurrecting a long-forgotten farce. The once-rejected House Bill 2324 gathered momentum with a dramatic 16-14 vote, proving that therapy for legislative rejection exists in the form of a motion filed by the indomitable Republican Senator Janae Shamp. Who knew the path to revival lay in a whimsically structured series of votes? 🗳️
We recall with slight bemusement the bill’s initial demise on May 7, akin to a high society gentleman’s abrupt departure from a charming soirée. Yet, as fate would have it, our bold Senator has summoned it back from the brink, somewhat like Lazarus — but with a decidedly more digital twist. Party lines remained unyielded as usual; Republican Jake Hoffman, the lone outcast, perhaps realizing he wore the wrong attire for this particular gathering, voted against the revival. Ah, the drama of politics! 🍸
🇺🇸 ARIZONA Update:
‘Bitcoin Reserve’ bill HB2324, which initially failed, has been revived after a ‘motion to reconsider’.
The bill would create a fund out of digital assets seized via criminal asset forfeiture.
It passed the Senate today 16-14, and is now in the House.
— Bitcoin Laws (@Bitcoin_Laws) June 19, 2025
What does this cryptic text contain, you wonder? The bill proposes the establishment of a “Bitcoin and Digital Assets Reserve Fund,” quite a title meant to impress, and to manage digital coins that have been acquired through what we might call ‘less than savory’ means. A generous sum of the initial $300,000 of these assets — one can only imagine the stories they could tell — is earmarked for the Attorney General’s office. The rest? A thrilling divide amongst the AG’s coffers, the state’s general fund (for that elusive vacation in the Bahamas, perhaps?), and the newly minted reserve fund; such is the sport of financial acrobatics! 🎪
Moreover, this bill would fine-tune Arizona’s existing asset forfeiture laws to embrace the brave new world of digital assets, detailing how one can swindle, I mean, seize and store these digital prizes when the rightful owner is but a mirage—a scenario straight out of a Victorian novel, to be sure.
Not to be upstaged, Governor Katie Hobbs had previously sanctioned HB 2749, thus giving Arizona the chance to embark on this speculative venture without burdening taxpayers. Imagine, they may even stake their crypto or enjoy a windfall from airdrops — truly, a scene from a futuristic gala! 🚀
Yet, Hobbs, ever the practical one, vetoed two other crypto bills including SB 1025, deeming the proposed investment of 10% of state funds in crypto as tragically imprudent. Who can blame her? After all, one must select their fancies wisely in today’s turbulent seas.
Thus, the stage is set once more as all eyes, with a mix of skepticism and anticipation, turn to the Arizona House. Should they tread kindly upon the fair bill, HB 2324 will gallivant over to the Governor’s desk with the exuberance of a debutante at her first ball. 🎉
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2025-06-20 08:05