Arizona has vetoed bill HB 2324 to create Bitcoin Reserve funded by criminal forfeiture, marking the third time the state has blocked a digital asset reserve proposal. In a veto letter to House Speaker Steve Montenegro, Arizona Governor Katie Hobbs…Arizona has vetoed bill HB 2324 to create Bitcoin Reserve funded by criminal forfeiture, marking the third time the state has blocked a digital asset reserve proposal. In a veto letter to House Speaker Steve Montenegro, Arizona Governor Katie Hobbs…

Arizona governor vetoes bill to create Bitcoin Reserve from seized assets

2 min read

Arizona has vetoed bill HB 2324 to create Bitcoin Reserve funded by criminal forfeiture, marking the third time the state has blocked a digital asset reserve proposal.

In a veto letter to House Speaker Steve Montenegro, Arizona Governor Katie Hobbs has blocked House Bill 2324, which aimed to establish a Bitcoin and Digital Assets Reserve Fund funded by cryptocurrencies seized through criminal forfeiture.

Initially rejected by the House on May 7, the bill was revived after a narrow 16-14 Senate vote on June 19 when Republican Senator Janae Shamp, who had previously opposed it, filed a motion to reconsider. The measure returned to the House and passed on June 24 with a 34-22 vote, proposing that seized digital assets be overseen by the State Treasurer and allocated partly to the Attorney General’s office, the state’s general fund, and the reserve fund itself.

In the veto letter, Hobbs argued that diverting these assets into a state-managed reserve fund could undermine local agencies’ willingness to participate in investigations and seizures, ultimately weakening enforcement efforts against crimes involving digital assets.

HB 2324’s veto is the third time this session Governor Hobbs has blocked a digital asset reserve proposal.

Previously, she vetoed SB 1025, which sought to permit the state to invest up to 10% of public funds in Bitcoin (BTC) or other digital assets, and SB 1373, which proposed funding a Digital Assets Strategic Reserve with seized cryptocurrencies and other appropriations.

However, Hobbs signed HB 2749 into law on May 7, establishing a reserve for unclaimed digital assets such as abandoned cryptocurrencies, airdrops, and staking rewards, managed by the Department of Revenue, thereby integrating digital assets into state finance without direct investment or reliance on criminal forfeiture funds.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Cashing In On University Patents Means Giving Up On Our Innovation Future

Cashing In On University Patents Means Giving Up On Our Innovation Future

The post Cashing In On University Patents Means Giving Up On Our Innovation Future appeared on BitcoinEthereumNews.com. “It’s a raid on American innovation that would deliver pennies to the Treasury while kneecapping the very engine of our economic and medical progress,” writes Pipes. Getty Images Washington is addicted to taxing success. Now, Commerce Secretary Howard Lutnick is floating a plan to skim half the patent earnings from inventions developed at universities with federal funding. It’s being sold as a way to shore up programs like Social Security. In reality, it’s a raid on American innovation that would deliver pennies to the Treasury while kneecapping the very engine of our economic and medical progress. Yes, taxpayer dollars support early-stage research. But the real payoff comes later—in the jobs created, cures discovered, and industries launched when universities and private industry turn those discoveries into real products. By comparison, the sums at stake in patent licensing are trivial. Universities collectively earn only about $3.6 billion annually in patent income—less than the federal government spends on Social Security in a single day. Even confiscating half would barely register against a $6 trillion federal budget. And yet the damage from such a policy would be anything but trivial. The true return on taxpayer investment isn’t in licensing checks sent to Washington, but in the downstream economic activity that federally supported research unleashes. Thanks to the bipartisan Bayh-Dole Act of 1980, universities and private industry have powerful incentives to translate early-stage discoveries into real-world products. Before Bayh-Dole, the government hoarded patents from federally funded research, and fewer than 5% were ever licensed. Once universities could own and license their own inventions, innovation exploded. The result has been one of the best returns on investment in government history. Since 1996, university research has added nearly $2 trillion to U.S. industrial output, supported 6.5 million jobs, and launched more than 19,000 startups. Those companies pay…
Share
BitcoinEthereumNews2025/09/18 03:26
VectorUSA Achieves Fortinet’s Engage Preferred Services Partner Designation

VectorUSA Achieves Fortinet’s Engage Preferred Services Partner Designation

TORRANCE, Calif., Feb. 3, 2026 /PRNewswire/ — VectorUSA, a trusted technology solutions provider, specializes in delivering integrated IT, security, and infrastructure
Share
AI Journal2026/02/05 00:02
Top Solana Treasury Firm Forward Industries Unveils $4 Billion Capital Raise To Buy More SOL ⋆ ZyCrypto

Top Solana Treasury Firm Forward Industries Unveils $4 Billion Capital Raise To Buy More SOL ⋆ ZyCrypto

The post Top Solana Treasury Firm Forward Industries Unveils $4 Billion Capital Raise To Buy More SOL ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp Forward Industries, the largest publicly traded Solana treasury company, has filed a $4 billion at-the-market (ATM) equity offering program with the U.S. SEC  to raise more capital for additional SOL accumulation. Forward Strategies Doubles Down On Solana Strategy In a Wednesday press release, Forward Industries revealed that the 4 billion ATM equity offering program will allow the company to issue and sell common stock via Cantor Fitzgerald under a sales agreement dated Sept. 16, 2025. Forward said proceeds will go toward “general corporate purposes,” including the pursuit of its Solana balance sheet and purchases of income-generating assets. The sales of the shares are covered by an automatic shelf registration statement filed with the US Securities and Exchange Commission that is already effective – meaning the shares will be tradable once they’re sold. An automatic shelf registration allows certain publicly listed companies to raise capital with flexibility swiftly.  Kyle Samani, Forward’s chairman, astutely described the ATM offering as “a flexible and efficient mechanism” to raise and deploy capital for the company’s Solana strategy and bolster its balance sheet.  Advertisement &nbsp Though the maximum amount is listed as $4 billion, the firm indicated that sales may or may not occur depending on existing market conditions. “The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani said. Forward Industries kicked off its Solana treasury strategy on Sept. 8. The Wednesday S-3 form follows Forward’s $1.65 billion private investment in public equity that closed last week, led by crypto heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital. The company started deploying that capital this week, announcing it snatched up 6.8 million SOL for approximately $1.58 billion at an average price of $232…
Share
BitcoinEthereumNews2025/09/18 03:42