Arizona has become the second U.S. state to officially enact legislation to create a reserve for cryptocurrencies, following New Hampshire earlier this week.
Governor Katie Hobbs of Arizona signed House Bill 2749, which paves the way for integrating digital assets into the unclaimed property system in Arizona.
The new law, introduced by Representative Jeff Weninger, provides for the establishment of a reserve fund for unclaimed virtual assets, to be used in the future after legislative approval.
The law also permits qualified custodians to deposit these assets into dedicated funds that offer opportunities for rewards or distribute them through mechanisms such as airdrops.
Weninger confirmed that this measure represents a step towards updating the legal framework in the state, stating that retaining unclaimed cryptocurrencies in their original form and creating a tax-exempt digital reserve contributes to ensuring that citizens benefit from the full market value of their assets.
This move comes just one day after New Hampshire signed Bill 302, which authorizes the state treasurer to invest up to 10% of the general fund and other approved funds in precious metals and digital assets with a market value exceeding $500 billion, a benchmark currently applicable only to Bitcoin.
In a related context, another bill in Arizona, Senate Bill 1373, is still pending.
This project aims to create a strategic reserve of confiscated digital assets, which is currently under review by Governor Hobbs.
Last week, Hobbs vetoed a different bill, Senate Bill 1025, which would have allowed up to 10% of state treasury funds and pension systems to be invested in cryptocurrencies like Bitcoin.
Hobbs justified her decision by stating that the pension funds of Arizona residents should not be a testing ground for untested investment tools.
In light of these developments, the pace of interest at the level of U.S. states in digital asset legislation is increasing, with North Carolina and Texas emerging as the leading contenders in efforts to adopt strategic reserves of cryptocurrencies, according to data from the Bitcoin Laws platform.
