Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a โBitcoin Reserve Fundโ that wonโt use any taxpayer money or state funds.
Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.
The stateโs custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a Bitcoin and Digital Asset Reserve Fund.
โThis law ensures Arizona doesnโt 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,โ the billโs sponsor, Jeff Weninger, said in a May 7 statement.
โWeโve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,โ Weninger added.
On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for “untested assets.โ
Hobbsโ move gives hope for future crypto bills
Bitcoin Laws founder Julian Fahrer said on X that Hobbsโ signing of HB 2749 offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.
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SB 1373 would authorize Arizonaโs treasurer, currently Kimberly Yee, to allocate up to 10% of Arizonaโs Budget Stabilization Fund into Bitcoin.ย
The billโs passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her stateโs treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.
Bitcoin is currently the only cryptocurrency that meets that threshold.
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