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Arizona Senate Passes Bitcoin Reserve Bill for Seized Crypto, Heads to House For Debate

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In brief

  • The bill passed the Senate 16-14 after procedural manoeuvres and now heads to the House for a final vote.
  • Arizona’s bill is part of a broader national push for state-level crypto legislation under Trump.
  • The state has already passed one Bitcoin bill, but others have been vetoed.

Arizona’s Senate has passed a revived version of the so-called Bitcoin Reserve Bill, clearing the way for the proposal to head to the House for a final vote.

House Bill 2324 (HB 2324), which would establish a fund for digital assets seized through criminal asset forfeiture, passed the Senate Thursday by a 16-14 margin. 

Initially introduced in February, the bill made early progress through both chambers but failed a final vote in the House last month.

Lawmakers brought HB 2324 back to life through a series of procedural “motions to reconsider” filed in both chambers. If passed, the legislation would create a Bitcoin and Digital Assets Reserve Fund overseen by the state treasurer. 

The fund would manage digital assets seized in criminal investigations, with options to store them in state-approved wallets, sell through licensed crypto exchanges, or retain the assets in native form depending on market and security conditions.

It also amends Arizona’s forfeiture laws to formally include digital assets and outlines custodial requirements.



Arizona is one of dozens of states that have introduced crypto-related legislation since President Donald Trump’s return to power, spurred by a broader national push to define digital asset frameworks at the state level. 

While some bills have been successful, others have faced opposition or an executive veto.

Earlier this year, Arizona Governor Katie Hobbs signed House Bill 2749, the state’s first successful digital asset reserve legislation. The measure created a digital asset fund focused on abandoned assets.

The governor also approved House Bill 2387, which imposes consumer protection rules on crypto ATMs operating in Arizona.

However, Hobbs has also blocked two more aggressive crypto proposals. In early May, she vetoed Senate Bill 1025, which would have allowed state investment of up to 10% of treasury and pension funds in digital assets, calling it too risky for public retirement systems.

She also vetoed Senate Bill 1373, which called for the creation of a reserve fund for crypto obtained through seizures and legislative appropriations. 

Edited by Sebastian Sinclair

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Warner Bros. Games promotes three studio heads as it focuses on four key properties
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Warner Bros. Games promotes three studio heads as it focuses on four key properties

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Warner Bros. Games has confirmed a new leadership structure as it follows its previously revealed strategy of developing games based on the Harry Potter, Game of Thrones, Mortal Kombat, and DC Comics properties.

Three studio heads have been promoted into senior vice president roles, per Variety. Montréal studio head Yves Lachance will be SVP of development on Harry Potter and Game of Thrones-related games.

Shaun Himmerick, studio head of Mortal Kombat developer NetherRealm, will be SVP of development for both that series and games based on DC Comics. Warner previously indicated that “top-tier characters like Batman” were a focus area for DC-related games.

Finally, Warner Bros. Games New York studio chief Steven Flenory will be SVP of central tech & services, with a focus on game and publishing technology, QA, user research and customer service.

All three will report to JB Perrette, CEO of global streaming and games.

“We are very fortunate to have a strong stable of development and technology talent, and Yves, Shaun and Steven are respected leaders with excellent track records in their areas of expertise,” said Perrette in a statement.

“I’m looking forward to working closely with them and the team as we work to make the best games possible for our key franchises.”

Parent company Warner Bros. Discovery recently revealed plans to split into two companies: Streaming & Studios, which includes its gaming business, and Global Networks, which is largely focused on its legacy TV business and will carry the “bulk” of its $37 billion debt.

No layoffs or executive exits have been made as part of the changes, according to Variety.

Warner Bros. Games president David Haddad exited the company back in January. Variety notes it’s unclear if the company is seeking a replacement for his role.

The company also confirmed it was shutting down three studios in February, including long-running studio Monolith Productions, which resulted in the cancellation of its Wonder Woman game.

Rocksteady Studios – best known for the highly-rated singleplayer Batman: Arkham games, before spending nearly a decade making multiplayer game Suicide Squad: Kill the Justice League – made multiple rounds of layoffs following that project missing its financial targets upon release in 2024.

Rocksteady co-founders Sefton Hill and Jamie Walker left the studio in October 2022, before the game was released.

Warner Bros. Games previously took a $300 million+ writedown on its games business in 2024, which led to the decision to restructure around proven properties.



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GENIUS Act wins crucial vote, heads to Senate floor vote
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GENIUS Act wins crucial vote, heads to Senate floor vote

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The U.S. Senate voted 68-30 on Wednesday to invoke cloture on the GENIUS Act, a major stablecoin bill, paving the way for a final floor vote scheduled for next Monday.

If passed, the bill could set the first national regulatory framework for stablecoins in the United States.

The GENIUS Act—short for the Guiding and Establishing National Innovation for US Stablecoins—requires stablecoin issuers to maintain 100% reserves, submit to annual audits if they hold over $50 billion in market cap, and adhere to rules for foreign issuers.

It could serve as a benchmark for stablecoin regulation in the U.S. financial system.

Senate Majority Leader John Thune spoke in favor of the bill, aligning with President Donald Trump’s stance on digital assets. “We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.

However, not all lawmakers were on board. Senator Elizabeth Warren criticized the bill for failing to address bipartisan amendments and warned of the political risks linked to Trump’s crypto dealings.

“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” she said, referencing Trump’s ties to a crypto platform backed by his family.

Crypto’s ‘pivotal shift’ 

Industry leaders say the bill could unlock new institutional participation. Yuval Rooz, CEO of blockchain firm Digital Asset, called it a “pivotal shift” in crypto regulation.

“The passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity,” Rooz said in a note obtained by crypto.news. “It provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections.”

Rooz emphasized that “regulation alone isn’t enough,” highlighting the importance of privacy and control. “These aren’t optional features; they are foundational to institutional trust,” he added.

As the Senate prepares for Monday’s final vote, the GENIUS Act’s fate could shape the future of U.S. crypto policy—and influence how stablecoins are used in both traditional and decentralized finance.



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CLARITY Act Clears Two House Committees, Heads to House Floor for Vote

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In brief

  • The House Financial Services Committee has advanced the CLARITY Act in a 32-19 vote.
  • The House Agriculture Committee also passed the bill 47-6 on Tuesday.
  • If passed in Congress, the Act would establish new crypto oversight framework, favoring the CFTC.

The Digital Asset Market Clarity Act, a bill aiming to reshape crypto regulation in the U.S., has passed through two key House committees and is now headed for a full floor vote. 

The House Committee on Financial Services voted 32-19 on Wednesday to advance H.R. 3633, following a bipartisan 47-6 vote in the House Agriculture Committee, which also oversees commodity markets and digital assets, on Tuesday.

“Blockchain technology and digital assets are reshaping the future of American finance,” House Financial Services Chair French Hill (R-AR) said in a statement. “Congress has a historic opportunity to provide the clear regulatory framework needed to unlock this innovation.”

The dual approvals mark a significant milestone for the legislation, which needed to pass both committees before reaching the full House. The bill’s two marked-up versions will now be consolidated into one text for floor consideration.

If passed, the CLARITY Act would formalize the removal of oversight powers from the Securities and Exchange Commission and establish the more hands-off Commodity Futures Trading Commission as the primary regulator for most digital assets. 

Crypto issuers could still opt into SEC registration if they seek to sell directly to institutional investors.

“Today marks a historic moment for the digital asset industry,” Ji Kim, President and acting CEO of the Crypto Council for Innovation, said in a separate statement.

“The House Financial Services and Agriculture Committees both advanced the CLARITY Act—a major step toward clear crypto rules that define SEC and CFTC roles, protect self-custody, and safeguard consumers,” Kim added.



Even still, critics warn the measure could reduce financial safeguards and open regulatory loopholes.

Despite some bipartisan momentum, the bill faced heavy criticism from Democrats during Tuesday’s Financial Services Committee markup. Some argued the bill paves the way for corruption and pointed to former President Donald Trump’s crypto ventures as a concern.

Others, including pro-crypto Rep. Sam Liccardo (D-CA), questioned its allowing loopholes that could see companies call themselves decentralized finance projects to evade regulation.

Republicans defended the bill, emphasizing that regulatory status would be based on a platform’s function, not its label. They voted down numerous Democratic amendments, including provisions barring presidential crypto ventures and taxpayer-funded bailouts for token issuers.

“This bill is not about the personal finances of any one individual,” Hill said. “It’s not an ethics bill.”

Edited by Sebastian Sinclair

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Paris Saint-Germain Confirms it Holds Bitcoin as it Heads to Champions League Final

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In brief

  • PSG has confirmed it holds Bitcoin on its balance sheet, becoming the first major sports club to treat BTC as a treasury asset.
  • The move shows PSG’s strategy to align with its young global fanbase and marks a shift away from short-term crypto promotions like NFTs and fan tokens.
  • Through PSG Labs, the club plans to back Bitcoin startups and help them scale globally, expanding its role from brand to builder in the crypto ecosystem.

Paris Saint-Germain has become the first major sports club to publicly confirm holding Bitcoin as part of its treasury, just days before competing in the UEFA Champions League final.

“We took our fiat reserves and we actually allocated Bitcoin,” Pär Helgosson, head of PSG Labs, said at the Bitcoin 2025 conference in Las Vegas on Thursday. “We still have it in our books. And as one of the largest clubs in the world, we’re the largest player in the sports ecosystem to do that.”

PSG’s move breaks from the playbook of most sports clubs, which have stuck to short-term crypto experiments like NFTs and fan tokens.

The decision to treat Bitcoin as a treasury asset points to PSG’s broader strategy to position itself as a “club of the new generation.”

“More than 80% of our fan base is actually under 34 years old,” Helgosson noted. “It means that we’re about what’s next, just like Bitcoin.”

While crypto fan tokens and NFTs had their moment during the last bull run, PSG launched its own fan token on Socios and minted AI-generated NFT posters via Crypto.com.

The club, which boasts over 550 million fans globally, is now leveraging that reach through PSG Labs. 

Founded last year, the global venture platform aims to incubate Bitcoin ventures and help them scale their operations. 



“We will launch with you, list with you, raise with you,” Helgosson said. “We will help you find that global market.”

At the same conference, officials from Pakistan announced plans to establish a national Bitcoin reserve, marking a shift in how both governments and institutions are approaching BTC as part of long-term financial infrastructure.

The world’s largest crypto is trading at $106,113, down 1.6% in the last 24 hours, according to CoinGecko data.

Paris Saint-Germain will face Inter Milan in the UEFA Champions League final this Saturday in Munich.

Edited by Sebastian Sinclair

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