The Arizona governor rejected a bill that could have seen the U.S. state seized cryptocurrency assets in funds.
Arizona Gov. Katie Hobbs vetoed Act 2324 on Tuesday, illustrate In a letter, “it is reluctant to cooperate with the state in the case of digital asset forfeiture through assets deducted from local jurisdictions.”
The state’s House of Representatives voted on the bill during its third reading in May, but the Senate Resurrected In the reconsideration vote last month. It was then pass On June 24, the vote was held in the House of Representatives by a 34-22 vote.
Two-thirds of the votes in the House and Senate could cover the governor’s veto, but this seems unlikely to happen unless some lawmakers refuse to vote.
The bill would create a “Bitcoin and Digital Asset Reserve Fund” to manage the confiscation of any digital assets in the state.
Katie Hobbs’ HB 2324 veto letter. Source: Arizona Governor’s Office
The bill stipulates that in criminal forfeiture, $300,000 worth of cryptocurrency will be transferred to the Attorney General’s office.
Any amount of AG will be divided into 50%, state general fund 25%, and new reserve fund 25%.
Hobbes’ crypto bill rejects history
Hobbs vetoed other crypto bills that have passed through the state’s House and Senate.
In May, she vetoed Senate Bill 1025, which will create Arizona’s strategic bitcoin reserves, and allowed state treasurers to invest 10% in bitcoin (BTC) Say cryptocurrencies are “untested investments.”
Related: Bitcoin Bill vetoes after Bitcoin Explodes Arizona Governor’s “Ignorance”
She also rejected it Senate bill 1373This is a strategic digital asset reserve bill that can also enable the state to create a Treasury Department from seizures.
🇺🇸Only: Arizona Governor Katie Hobbs rejected the state’s digital asset reserve fund HB2324.
She claimed that the bill would prevent local law enforcement from cooperating with the state through assets deducted from local jurisdictions to seize digital assets. pic.twitter.com/d4li2j8ash
– Cointelegraph (@Cointelegraph) July 2, 2025
Arizona Allows Crypto Reserve Fund Act
Now, the governor of Arizona has rejected three crypto bills, with only one passing.
Arizona Housing Act 2749, Made in Mayby establishing a Bitcoin and digital asset reserve fund managed by state finance executives, amending national regulations to integrate crypto assets into Arizona’s financial and unclaimed property framework.
State-state competition through crypto law
Other U.S. states are also considering bills for stocking Bitcoin and cryptocurrencies.
Last month, Texas Governor Greg Abbott A bill signed To create the Texas Strategic Bitcoin Reserve, a state-managed fund that will hold Bitcoin as part of the state’s long-term assets.
New Hampshire also passed a bill in May that allows the state to “invest cryptocurrencies and precious metals”, while the other six state legislatures have bills at various stages of passage, aiming to create crypto reserves. data From Bitcoin Law.
Magazine: Bitcoin ‘Bull Pennant’ Eyes $165K, Pomp Scoops Rises $386 Million: Hodler’s Summary
