Arizona Governor Katie Hobbs Signs a Bill into Law Allowing the US State to Keep Unclaimed Crypto

output:input: Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a “Bitcoin Reserve Fund” that won’t use any taxpayer money or state funds.

Arizona Governor Katie Hobbs has signed a bill into law that allows the US state to keep unclaimed crypto and create a “Bitcoin Reserve Fund” without using any taxpayer or state funds.

Hobbs signed House Bill 2749 on May 7, granting Arizona ownership of abandoned digital assets if the owner fails to respond to communications within three years.

The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called the Bitcoin and Digital Asset Reserve Fund.

“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 the bill’s sponsor, Jeff Weninger.

“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy.”

On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for “untested assets.”

‘Hope' for future crypto bills

Hobbs’ move gives hope for future crypto bills. Bitcoin Laws founder Julian Fahrer said on X that HB 2749's signing offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.

SB 1373 would authorize Arizona’s treasurer, currently Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin.

The bill’s passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.

Bitcoin is currently the only cryptocurrency that meets that threshold.