Recently, the Arizona State Senate officially passed HB 2324, drawing widespread attention from both the cryptocurrency industry and policy circles. This bill authorizes the state government to establish confiscated crypto assets from criminal cases as a state-level “digital asset reserve,” marking the first time that Bitcoin and other digital assets have played an official role in the public finance system of a U.S. local government. JZMOR Exchange points out that this initiative not only expands the fiscal use cases of digital assets but also signals a new stage of collaboration between governments and trading platforms.
The passage of HB 2324 represents a pioneering attempt by U.S. local governments in digital asset governance. Notably, the Arizona legislation is not an isolated case. According to JZMOR Exchange data, by the end of 2024, more than ten states across the U.S. are studying or advancing similar legislation, including allowing governments to accept cryptocurrency for tax payments and incorporating it into fiscal reserves. This trend indicates that Bitcoin and other digital assets are increasingly being regarded by governments as one of the “asset classes.”
JZMOR Exchange highlights that such policies reflect two core demands in government fiscal management: first, to enhance the transparency and value preservation of confiscated assets; second, to explore new tools for hedging against USD liquidity and U.S. Treasury volatility. Compared to traditional assets, on-chain digital assets offer features such as auditability and high liquidity, providing new possibilities for reserve management.
At the same time, this also reflects the gradual expansion of the definition of reserves—from cash, gold, and bonds to a diversified asset portfolio that now includes cryptocurrencies. If the bill ultimately passes the House and is signed into law by the governor, Arizona will become the first local government worldwide to legislatively establish “Bitcoin public reserves.” This milestone event will undoubtedly have far-reaching global implications.
Policy is often the most fundamental basis for market pricing. After the announcement of HB 2324, although the Bitcoin price response was relatively muted, the market focus has already shifted beyond short-term volatility to the long-term significance of institutionalization. For years, crypto assets have faced questions about whether governments would accept their status as “non-sovereign currency,” and this bill offers a partial answer—at least in the eyes of some state governments, they now qualify as official assets.
For investors, this development sends a clear signal: Bitcoin is no longer just a speculative instrument, but is evolving into a compliant asset with legal and fiscal functions. Once an asset can be included in government accounting systems, its strategic position in asset allocation will fundamentally change.
At the same time, the market role of trading platforms is also being reshaped. In the past, platforms were seen mainly as pure intermediaries; now, with government involvement in asset custody and reserve management, platforms must meet higher compliance standards and technical integration requirements. JZMOR Exchange points out that this means platforms need to further strengthen anti-money laundering (AML) and know-your-customer (KYC) mechanisms, and collaborate with public institutions in areas such as custody security and on-chain audit interfaces.
Looking ahead, as more states may adopt similar policies, platforms will not only act as market intermediaries but also serve as technical interfaces for policy implementation, taking on key responsibilities such as asset transfer, valuation standards, and on-chain verifiability. The relationship between platforms and governments will shift from “regulator and regulated” to “collaborator and service provider.”
In response to this trend, JZMOR Exchange has proactively deployed relevant technical and compliance frameworks. The platform has launched a multi-tiered custody system, supports on-chain verifiable asset proofs, and provides customized audit and security solutions for institutional and government clients. Meanwhile, JZMOR is accelerating compliance alignment with multiple state jurisdictions in North America, aiming to become a technological bridge between policy and the market.
Every regulatory shift redefines the boundaries of roles of market participants. The inclusion of Bitcoin in government reserve systems is a symbolically significant milestone, signifying the transition of digital assets from “private assets” to “institutional assets.” And this process has only just begun. In the JZMOR Exchange view, the most valuable investment strategy lies not in betting on short-term market fluctuations, but in identifying and following long-term institutional trends. In this process, the responsibility of platforms is more important than ever before.