Arizona Governor Katie Hobbs has signed a bill establishing a strategic Bitcoin reserve, drawing attention to legislative initiatives around cryptocurrency.
About the Reserve Creation Project
The HB 2749 bill allows the state to use funds from unclaimed property transferred to its custody. Arizona becomes the second state in the U.S. to pass such a law, following New Hampshire.
Contents of the Bill
The bill states that the state will also collect airdrops and staking rewards to grow the reserve. HB 2749 is a toned-down version of the SB 1025 bill, which allowed investment of public funds and seized crypto into Bitcoin.
Reactions and Implications for the Crypto Industry
The signing of the bill has been positively received in the crypto industry as it demonstrates even a Democratic government’s willingness to enact cryptocurrency legislation. Bitwise CEO Hunter Horsley stated, 'Second state in two weeks. Not a fickle decision. A law. Bitcoin is entering the mainstream.'
The creation of a strategic Bitcoin reserve in Arizona is viewed as a significant step towards the legalization of cryptocurrencies in U.S. states, with long-term implications for the entire sector.
