Arizona Governor Katie Hobbs has signed a groundbreaking bill into law that allows the state to take ownership of unclaimed cryptocurrencies and create a “Bitcoin Reserve Fund”—all without using taxpayer dollars or state funding.
House Bill 2749, which was signed on May 7, allows Arizona to seize digital assets that have been abandoned if their owners do not reply to outreach for three years. Once in state custody, the crypto can be staked to earn rewards or collect airdrops, which will be funneled into the newly established reserve fund.
Source: Jeff Weninger
“This law ensures that Arizona does not leave value on the table,” said Jeff Weninger, the bill’s sponsor. “It positions us to lead the country in how we manage, secure, and ultimately benefit from abandoned digital currency.” He also emphasized that the framework respects property rights while giving the state the ability to account for a new type of economic asset.
Interestingly, Hobbs had vetoed Senate Bill 1025, which proposed investing stolen cash in Bitcoin. She raised worries about spending public funds on “untested assets.”
Still, her approval of HB 2749 has sparked optimism in the crypto community. Julian Fahrer, founder of Bitcoin Laws, said on X that Hobbs that it increases the chances of Hobbs signing another crypto-friendly bill—Senate Bill 1373, currently awaiting her decision. That law would allow Arizona’s state treasurer, Kimberly Yee, to invest up to 10% of the budget stabilization fund in Bitcoin.
https://twitter.com/Bitcoin\_Laws/status/1920270899715936444
Arizona’s move comes right on the heels of a similar development in New Hampshire. On May 6, Governor Kelly Ayotte signed House Bill 302, giving her state the green light to invest in cryptocurrencies with a market cap of over $500 billion—currently, only Bitcoin qualifies.
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