Arizona Passes Unclaimed Crypto Law After Vetoing Reserve Last Week
Arizona Governor Katie Hobbs signed House Bill 2749, allowing the state to retain unclaimed digital assets in their original form. The law modernizes unclaimed property regulations to include cryptocurrencies, enabling the state to collect and safeguard these assets without liquidating them. Digital assets will be deemed abandoned after three years of inactivity, aligning with existing laws for other financial products. Holders must then transfer the assets to the Department of Revenue. A reserve fund will be established for earnings from unclaimed assets, subject to legislative approval. This law is distinct from a vetoed proposal for a Strategic Bitcoin Reserve. Other states, like Florida and Oklahoma, have faced challenges in advancing similar crypto legislation, while New Hampshire successfully authorized state investment in digital assets.
