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Arizona Governor Officially Enacts Bill to Create State-Managed Fund to Hold Unclaimed Crypto
By: crypto news|2025/05/08 14:00:10
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Arizona Governor Katie Hobbs has signed House Bill 2749, which allows the state to establish a reserve fund that holds unclaimed digital assets, airdrops, and staking rewards.The approval comes days after Governor Katie Hobbs vetoed another crypto bill – the Arizona Strategic Bitcoin Reserve Act (S.B. 1025). This legislation would have allowed the state treasurer and retirement system to invest 10% of available funds in crypto.Arizona’s House Bill 2749 is ‘Budget-Neutral’Governor Hobbs signed House Bill 2749 into law on Wednesday. This marks Arizona the second US state to create a formal framework for holding crypto, after New Hampshire, which enacted legislation to allow government investments in cryptocurrency reserves.“Arizona just showed the country how to turn forgotten assets into a fortress against inflation,” Dennis Porter, CEO of Satoshi Action Fund, said in an announcement.ARIZONA SIGNS STRATEGIC BITCOIN RESERVE INTO LAW! pic.twitter.com/xQXsm2fEXQ— Dennis Porter (@Dennis_Porter_) May 8, 2025The move is a “win for fiscal responsibility,” he said. Additionally, the state establishes a “forward-thinking, budget-neutral way to future-proof its treasury.”In a separate thread, Porter said that the bill’s budget-neutral feature makes it different from the one previously vetoed.“There were 4 bills. The Gov liked this one the most,” he wrote.State Takes Ownership of Unclaimed Crypto for Three YearsPer the official release, assets are left abandoned if the rightful owner fails to respond to communications for three years. Therefore, the state’s qualified custodians are authorized to stake these crypto to earn rewards or receive airdrops.Further, these rewards earned on unclaimed crypto held for three years will be deposited into the new fund.The bill passed both Legislative chambers the bipartisan support and is championed by House Commerce Committee Chair Rep. Jeff Weninger.“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 Rep. Weninger.He further said that the structure protects property rights, respects ownership, and gives Arizona tools to account for a new category of value in the economy.“It’s exactly the kind of policy we should be leading on—modern, precise, and built with an understanding of where technology and finance are heading.”The post Arizona Governor Officially Enacts Bill to Create State-Managed Fund to Hold Unclaimed Crypto appeared first on Cryptonews.
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