The Bitcoin Race Has Accelerated: The Second Good News for Bitcoin (BTC) Has Arrived from Arizona!

While the race for Bitcoin (BTC) reserves continues between states in the US, the latest good news came from Arizona.

Accordingly, the Arizona Legislature passed the Bitcoin reserve bill HB2324.

The Arizona House of Representatives is creating a reserve fund to include assets seized through criminal forfeiture into reserves by passing the Bitcoin reserve bill HB2324.

If the bill that comes before Arizona Governor Katie Hobbs is signed by Hobbs, it will be the state's second reserve bill to take effect.

As a reminder, Governor Katie Hobbs had previously approved or vetoed some bills. Accordingly, Hobbs vetoed two Bitcoin Reserve bills that would allow state investment (SB1373 and SB1025). She had previously signed the reserve bill HB 2749, paving the way for the creation of a reserve fund for unrequested assets.

HB 2324 clearly specifies how the funds obtained from the sale of confiscated cryptocurrencies will be allocated. Accordingly, the first $300,000 obtained will be directed to the Anti-Racketeering Revolving Fund. Any amount above this will have 50% continue to support the same fund, 25% will go to the state’s General Fund, and the remaining 25% will be allocated to the newly created Bitcoin and Digital Assets Reserve Fund.

Arizona is also evaluating several bills related to cryptocurrency security, kiosks, and payments.

*This is not investment advice.

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