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Arizona signs new law to secure unclaimed digital assets and establish Bitcoin Reserve Fund

  • The US state of Arizona’s Governor, Katie Hobbs, signed House Bill 2749 on Wednesday.
  • This bill allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.
  • The bill follows New Hampshire Bill 302, which allows the state treasury to invest in cryptocurrencies.

Governor Katie Hobbs of Arizona signed House Bill 2749 on Wednesday. This bill allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years. This bill follows New Hampshire Bill 302, which allows the state treasury to invest in cryptocurrencies.

Arizona passes a law to claim ownership of abandoned digital assets

Arizona Governor Katie Hobbs signed House Bill 2749 into law on Wednesday, allowing the state to claim ownership of unclaimed digital assets, including cryptocurrency, abandoned for at least three years. Bitcoin’s price reacted positively to the news, closing above $97,000 on Tuesday, and when writing on Wednesday, it extended its gains by trading above $98,500.

The law also enables the creation of a Bitcoin and Digital Asset Reserve Fund, which will accumulate value from staking rewards and airdrops of these assets, without using taxpayer funds.

“Digital assets aren’t the future—they’re the present,” said Chairman Weninger in the press release.

“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” said Weninger.

This news comes after Hobbs vetoed another bill on Friday for being an “untested investment,” despite Arizona’s House and Senate approval. Still, her approval of HB 2749 has renewed optimism for future crypto legislation in the state.

Signs of optimism for Bitcoin

Another sign of optimism came on Tuesday when New Hampshire Governor Kelly Ayotte signed House Bill 302 (HB 302) into law, making the state the first in the US to establish a Strategic Bitcoin Reserve. The law allows the state treasurer to invest up to 5% of public funds in Bitcoin and other digital assets. 

Meanwhile, Arizona’s SB 1373 awaits approval from the governor. The bill would allow Arizona’s treasurer to allocate up to 10% of Arizona’s Budget Stabilization Fund to Bitcoin.

The approval of the New Hampshire BTC reserve bill and Arizona’s recent development could set a precedent for other states, such as North Carolina and Texas, which are also listed in the State Reserve Race. This could be positive for Bitcoin in the long term and for its broader adoption.

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

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