Arizona Governor Signs Crypto Assets Reserve Law "HB 2749" Highlights Overview, Becomes the Second State in the U.S. to Implement

Arizona Governor Katie Hobbs signed HB 2749, bringing orphan crypto assets into the state regulatory framework and establishing a captive fund, becoming the second state government in the United States to pass a similar strategic cryptocurrency reserve bill. (Synopsis: Flash» Governor of Arizona 'Vetoes Bitcoin Reserve Act': Virtual Currencies Are Unverified Investments... U.S. Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which aims to allow states to invest 10% of public funds in virtual currencies, disappointing many supporters who expect Arizona to pioneer in the crypto field, but Governor Katie Hobbs signed HB 2749 on the 7th, officially incorporating orphan crypto assets into its property management framework. and established the "Bitcoin and Digital Asset Reserve Fund", becoming the second state government in the United States to pass a similar strategic cryptocurrency reserve bill after New Hampshire. Arizona House President Jeff Weninger said, "This law ensures that Arizona does not let value sit idle and gives us the ability to lead the nation in the security, stewardship, and potential benefits of digital currencies. Note: Just yesterday, New Hampshire approved its strategic bitcoin reserve bill (HB 302) at the heart of HB 2749: orphan digital assets and captive reserve funds According to the bill, if the rights holder of digital assets fails to respond to the relevant notices of the state government for 3 consecutive years, these assets, including cryptocurrencies, will be presumed to be "abandoned". Transfer to a specially established "Bitcoin and Digital Asset Reserve Fund" Unlike past practices where these assets could be liquidated immediately as legal tender, Arizona's new bill requires that these digital assets, which are considered ownerless, be transferred to the Arizona Department of Revenue in their original, native form, in order to preserve their potential value as cryptocurrencies themselves, rather than simply being converted into fiat or other assets. • If the rightful owner does not respond to the notification within three years, the digital asset will be considered abandoned. • Once deemed renounced, the holder must deliver the digital asset to the Department of Taxation in its original form. • State-qualified custodians have the right to pledge these assets for rewards or receive airdrops. • Any staking rewards or empty assets will be deposited into new bitcoins and digital assets, and the reserve fund will be managed by the state treasury and subject to legislative appropriations. Details can be found in the full text of Arizona's HB 2749 Act. SB 1373 is also awaiting signature In addition, Arizona itself has another similar Bitcoin-related bill, Senate Bill 1373 (SB 1373) waiting for Governor Hobbs to sign. The bill, once passed, would allow the state Treasury Secretary to invest up to 10% of the Digital Asset Strategic Reserve Fund, and here's an overview of the bill: This bill establishes the Digital Asset Strategic Reserve Fund for Arizona, allowing the state Treasury Secretary to deposit and manage digital assets (including cryptocurrencies such as Bitcoin, stablecoins, and non-fungible tokens) seized by the state. The Fund will continue to make allocations and will not be subject to standard grant invalidation rules. The State Treasurer may not invest more than 10% of the fund's total in any fiscal year and may lend digital assets from the fund to generate additional returns, provided that doing so does not increase financial risk. Related reports The United States has entered the era of "fixed investment bitcoin reserves"? North Carolina bill "10% fund to buy BTC", cold wallets are not allowed to sell US poll: only 10% support expanding crypto industry spending, more than half oppose Trump to build bitcoin reserves. Dr. Po Ge Rujun: Taiwan has Ready Bitcoin reserves! Cryptocurrency special law "it's better not to be good" Coinbase CEO: "Bitcoin standard" will replace gold, G20 will follow up to buy BTC reserves "Arizona Governor Signs Cryptocurrency Reserve Act "HB 2749" Key Quick Look, the Second State in the United States Landed" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".