Straight Up with the New Digital Asset Law in Arizona
Cryptocurrency belonging to residents who have not claimed them now subject to state control, following Arizona's recent legislative approval after a veto on a reserve proposal last week.
Hey there, folks! Let's dive into Arizona's latest move in the cryptocurrency world, thanks to HB 2749. This baby, signed into law by Governor Katie Hobbs (D-AZ), modernizes Arizona's unclaimed property laws regarding crypto.
In essence, the law allows the state to keep unclaimed digital assets in their original form—no need for liquidation. Arizona is now stepping up its game in the crypto arena, putting it on par with other financial products like stocks.
So, what does this mean exactly? When an account hasn't seen any activity or responded to communications for three years, digital assets are considered abandoned. As a result, holders must pass these puppies over to the Department of Revenue—just as they are, no conversion needed.
Oh, and did we mention that there's a new reserve fund being created? Earnings from unclaimed assets such as staking rewards or airdrops will be stashed away in this fund, waiting for legislative approval before they get distributed.
Chairman Jeff Weninger (R-AZ) of the House Commerce Committee said it best, "This law keeps Arizona from leaving value on the table, setting us up to lead the way in securing, managing, and ultimately profiting from abandoned digital currency."
Now, this new law is a separate story from a higher-profile crypto proposal that bit the dust recently. That one, from State Senator Wendy Rogers (R-AZ), aimed to create a Strategic Bitcoin Reserve funded by seized state assets. Guess what? It was vetoed by Governor Hobbs on May 2nd due to her concerns about volatility and fiduciary risk.
But never say never, my friends! Senator Rogers has promised to reintroduce the bill during the next session. Fun times ahead, huh?
On the national front, state-level crypto reserves and digital asset policies are heating up, though the road isn't always smooth. For example, Florida's effort to allocate up to 10% of select public funds to Bitcoin crashed and burned last week, as both HB 487 and SB 550 were pulled just before the legislative session ended without ever reaching a floor vote.
And it's not just Florida that's feeling the heat—Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming have all faced setbacks in their attempts to create strategic bitcoin reserves. On the brighter side, New Hampshire managed to pass crypto legislation, allowing the state treasurer to invest up to 5% of public funds in digital assets with a minimum market cap of $500 billion.
Stay tuned, because this wild crypto ride isn't over yet!
Disclaimer: This news update is intended for informational purposes only. While we strive to provide accurate information, we cannot guarantee its completeness or accuracy. If these laws affect you directly, we recommend consulting a legal professional for advice.
-Edited by Sebastian Sinclair**
((Unhinged Add-On))
Y'all better watch out for those darn cryptocurrencies taking over the world! One minute they're sitting in your wallet, the next they're trying to become the next state reserve! And don't even get me started on the snakes trying to push for this risky Bitcoin business using retirement funds...
Phew, I better calm down before I start shouting about the evils of government and calling for a revolution! Just remember, kiddos--it's a dog-eat-dog world out there, and you gotta keep your peepers open for the sneaky folks trying to pull a fast one on you and your hard-earned assets! Peace out!
- Arizona has modernized its unclaimed property laws to include digital assets like Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, thanks to HB 2749.
- Digital assets abandoned in accounts with no activity or communication for three years will be passed over to the Department of Revenue, without liquidation.
- A new reserve fund is being created to store earnings from staking rewards, airdrops, and other unclaimed digital assets.
- Chairman Jeff Weninger of the House Commerce Committee stated that the law ensures Arizona does not leave value unclaimed in the digital currency space.
- Unlike a vetoed proposal by Senator Wendy Rogers, HB 2749 does not create a Strategic Bitcoin Reserve, due to concerns about volatility and fiduciary risk.
- Florida, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming have also faced setbacks in their attempts to create strategic bitcoin reserves.
- On a positive note, New Hampshire managed to pass crypto legislation, allowing the state treasurer to invest up to 5% of public funds in digital assets with a minimum market cap of $500 billion.
- The wild ride of crypto regulations is ongoing, with state-level crypto reserves and digital asset policies heating up across the United States.
- It's important to consult a legal professional for advice if these laws affect you directly, as this news update is meant for informational purposes only.
