Arizona Governor Shuts Down State Crypto Reserve Fund for Seized Assets
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In a setback for crypto institutionalization, Arizona Governor Katie Hobbs has vetoed a bill that would have created a Bitcoin and Digital Assets Reserve Fund for seized cryptocurrency.
HB 2324 sought to let the state invest forfeited crypto into digital assets or ETFs, but Hobbs rejected it over concerns about local law enforcement cooperation.
The veto contrasts with Arizona’s recent adoption of HB 2749, which established rules for unclaimed crypto—a move hailed by industry advocates.
The state is still weighing other crypto-friendly measures, including recognizing digital currencies as legal tender, keeping Arizona in the spotlight for blockchain policy innovation.
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