AZ Embraces Crypto, Keeps Digital Assets Intact
State Gains Rights to Unclaimed Cryptocurrency After Three-Year Abandonment Period in Arizona
Here's the lowdown:
- AZ Goes Crypto-Friendly: Arizona Governor Katie Hobbs signed House Bill 2749, making it the second state to establish crypto legislation after New Hampshire. This law allows the state to claim abandoned digital assets after three years.
- Saving Crypto Like a Pro: The Grand Canyon State will hold onto the digital assets without converting them to cold hard cash, preserving their potential growth! Yeehaw!
- The Bitcoin Reserve Fund: Qualified custodians can stake or airdrop the acquired assets, with all profits going into the newly created Bitcoin and Digital Assets Reserve Fund. This bad boy will be managed by the State Treasurer!
- Holdin' steady on the Bitcoin front: Governor Hobbs vetoed Senate Bill 1025, which aimed to allocate up to 10% of Arizona's treasury and pension funds to Bitcoin and similar digital assets. She believed the retirement system's stability lies with proven investment strategies.
The Star-Spangled Bitcoin Crypto Show
Things didn't end too badly for crypto fans, as Hobbs signed HB 2749, which might indicate a favorable outlook for Senate Bill 1373. This bill would allow the treasurer to allocate up to 10% of the Budget Stabilization Fund into Bitcoin.
Industry heavyweights, like Bitwise CEO Hunter Horsley and former Binance CEO Changpeng Zhao, applauded Arizona's move, with Zhao advising, "Buy while governments are buying or after they have bought."
Looking ahead in crypto land
Arizona is stepping up its crypto game, while other states are following suit. Florida has dropped similar initiatives, but North Carolina is marching forward with similar pursuits. It's quite the crypto rodeo out there!
Enrichment Factoids:
- HB 2749 Details:
- This law establishes a crypto reserve fund for unclaimed virtual assets, permitting the assets to be held in their native form.
- Qualified custodians can stake and airdrop reserve assets.
- Crypto assets are integrated into Arizona's unclaimed property framework, requiring them to be held for three years before any shenanigans.
- SB 1025 Misfire:
- The bill aimed to create a state Bitcoin reserve and facilitate crypto payments but was vetoed by Governor Hobbs.
- Regulation of Crypto ATMs:
- Governor Hobbs signed a bill regulating Bitcoin ATMs, highlighting her commitment to overseeing cryptocurrency use in Arizona.
- Arizona's new law, HB 2749, allows for the creation of a Bitcoin and Digital Assets Reserve Fund, managed by the State Treasurer.
- Even though Governor Hobbs vetoed Senate Bill 1025 that aimed to allocate up to 10% of Arizona's treasury and pension funds to Bitcoin, she still signed HB 2749, indicating a potential positive outlook for Bitcoin allocation.
- The new law, HB 2749, establishes a crypto reserve fund for unclaimed virtual assets, allowing them to be held in their native form and permitting qualified custodians to stake and airdrop reserve assets.
- The crypto landscape is experiencing a shift, with states like Arizona, Florida, and North Carolina taking steps to regulate and integrate cryptocurrencies into their budget, pension, and lifestyle, demonstrating the impact of technology on various sectors like finance, sports, and more.
