On May 7, Arizona Governor Katie Hobbs signed a law allowing the state to claim unclaimed cryptocurrency, paving the way for innovative digital asset management.
Key Provisions of the Law
House Bill 2749 makes Arizona one of the first U.S. states to formally claim unclaimed cryptocurrency. Unclaimed crypto includes digital assets that owners have not used for at least three years.
No Taxpayer Money Involved
If the owner of a digital asset doesn’t respond to contact attempts for three years, the state can take ownership. Arizona can stake the crypto to earn rewards or collect airdrops. The government will deposit those earnings into a newly created Bitcoin and Digital Asset Reserve Fund.
Future of Crypto Legislation in Arizona
Interestingly, just days before, Governor Hobbs vetoed a different Bitcoin bill that would have allowed Arizona to invest seized funds in Bitcoin. However, the passage of House Bill 2749 shows Hobbs is open to crypto laws that don’t involve taxpayer risks.
Arizona’s decision to take charge of unclaimed crypto demonstrates that digital assets are becoming a part of state policy. By protecting property rights and avoiding the use of public funds, Arizona sets an example for how other states might manage abandoned digital wealth.
