Arizona passes bill to preserve unclaimed digital assets and create Bitcoin Reserve Fund.
On Wednesday, Arizona Governor Katie Hobbs signed House Bill 2749.
Arizona may claim abandoned digital assets if the owner doesn't reply within three years under this measure.
The law mirrors New Hampshire law 302, which lets the state treasury invest in cryptocurrencies.
Arizona Governor Katie Hobbs signed House Bill 2749 Wednesday. Arizona may claim abandoned digital assets if the owner doesn't reply within three years under this measure. This follows New Hampshire Bill 302, which lets the state treasury invest in cryptocurrencies.
Governor Katie Hobbs signed House Bill 2749 into law on Wednesday, enabling Arizona to take ownership of unclaimed digital assets, including bitcoin, abandoned for three years. Bitcoin rose beyond $97,000 on Tuesday and $98,500 on Wednesday after the announcement.
The bill also allows the formation of a Bitcoin and Digital Asset Reserve Fund that will grow via staking rewards and airdrops without government cash.
“Digital assets aren't the future—they're the present,” Chairman Weninger said in the news release.
Weninger added, “This law ensures Arizona doesn’t leave value on the table and puts us in a position to lead the country in how we secure, manage, and benefit from abandoned digital currency.
Hobbs rejected another measure Friday for being a “untested investment,” despite Arizona's House and Senate support. However, her backing of HB 2749 has boosted state crypto legislative hopes.
On Tuesday, New Hampshire Governor Kelly Ayotte signed House Bill 302 (HB 302), making the state the first to create a Strategic Bitcoin Reserve. The state treasurer may invest 5% of public money in Bitcoin and other digital assets under the legislation.
Arizona's latest development and New Hampshire's BTC reserve bill acceptance might create a precedent for North Carolina and Texas, who are also in the State Reserve Race. This might boost Bitcoin's acceptance and longevity.
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