Following New Hampshire, Arizona Officially Enacts Cryptocurrency Reserve Bill
After New Hampshire, Arizona has also officially enacted a cryptocurrency reserve bill today. According to a press release from the state legislature, House Bill 2749 (HB 2749) has been officially signed into law. The bill adopts a “budget-neutral” approach, which does not allow for direct use of state government funds for investment, but permits the transfer of unclaimed assets, airdrops, and staking rewards into the reserve rather than liquidating them.
Core Contents of the New Law Include the Following Four Points:
- If a legal owner does not respond to notifications within three years, the digital assets will be presumed unclaimed.
- Once deemed unclaimed, holders must deliver the assets in their native form to the state treasury.
- Authorized qualified custodians can stake these assets to earn rewards or receive airdrops.
- Any staking rewards or airdrop assets will be deposited into the Bitcoin and Digital Asset Reserve Fund, which is managed by the state treasurer and subject to legislative appropriations.
Arizona House of Representatives ### Jeff Weninger Stated:
“This law ensures that Arizona does not let value go idle and enables us to lead the nation in the security, management, and potential returns of digital currencies. We have established a structure that protects property rights, respects ownership, and empowers the state government to handle new economic value category tools. This is precisely the policy we should be promoting—modern, precise, and built on a profound understanding of technological and financial trends.”
It is worth mentioning that Arizona previously passed Senate Bill 1025 (SB1025) in a third reading in April, which originally allowed the state treasurer and retirement systems to invest up to 10% of the public funds they manage in cryptocurrencies. However, it was ultimately vetoed by Governor Katie Hobbs on May 2.