Governor of Arizona signed a law for the state to retain unclaimed cryptocurrencies.
The governor of Arizona, Katie Hobbs, signed a law that allows the state to claim ownership of digital assets that have been abandoned for at least three years.
The governor of Arizona, Katie Hobbs, has signed a law that allows the US state to retain unclaimed cryptoassets and establish a 'Bitcoin Reserve Fund' that will not use taxpayer money or state funds.
Hobbs signed Bill HB 2749 on May 7, which allows Arizona to claim ownership of abandoned cryptoassets if the owner does not respond to communications within a three-year period.
State custodians can stake the cryptoassets to earn rewards or receive airdrops, which can then be deposited into what Arizona has termed the Bitcoin and Cryptoassets Reserve Fund.
“This law ensures that Arizona does not leave value untapped and positions us to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” said project sponsor Jeff Weninger in a statement on May 7.