Governor Katie Hobbs has signed a bill allowing the state of Arizona to retain unclaimed crypto assets and create a Bitcoin Reserve Fund.
Legislative Changes in Arizona
On May 7, Hobbs signed House Bill 2749, which allows Arizona to claim ownership of abandoned digital assets if the owners do not respond within three years. This action enables the state to declare ownership of abandoned digital assets.
Benefits of the New Law
According to the new law, state custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into the Bitcoin and Digital Asset Reserve Fund. This legislation also facilitates the protection of property rights and management of new economic values.
Future Prospects for Crypto Legislation in Arizona
The signing of HB 2749 increases hopes for the potential passage of Senate Bill 1373, which would authorize the Arizona treasurer to allocate up to 10% of the Budget Stabilization Fund to Bitcoin investments. Additionally, this follows a similar move in New Hampshire, where a law was enacted allowing treasury investments in cryptocurrencies exceeding $500 billion in market capitalization.
The new law regarding unclaimed crypto assets in Arizona could significantly affect the future of crypto legislation in the state and enhance its role in the U.S. economy.
