Arizona’s Shocking Crypto Move: They’re Keeping Unclaimed Coins for Themselves!

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On the 7th of May, Governor Katie Hobbs of Arizona, with the quiet confidence of a cat eyeing its prey, signed into law a rather bold piece of legislation that allowed the state to keep any unclaimed digital treasure. Yes, you heard that right—Arizona is setting up a “Bitcoin Reserve Fund” using abandoned crypto, and not a single taxpayer dime will be involved. Lucky them! 🙄

The law, House Bill 2749, allows the state to claim ownership of abandoned digital assets if the owner fails to respond to any correspondence within three years. Talk about a long game of “finders keepers.” Arizona’s custodians can now stake these mysterious digital assets to earn rewards or perhaps even receive random airdrops—because why not? Free money, right?

In an utter show of forward-thinking governance, the sponsor of the bill, Jeff Weninger, declared, “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.” Yeah, well, when you’re sitting on unclaimed crypto, why let it go to waste? 😏

Weninger went on to assure the masses that the law “protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy.” Well, if you call hoarding unclaimed assets “respecting ownership,” we might have a different view of property rights. But hey, who’s counting? 🤷‍♂️

Notably, this isn’t Hobbs’ first foray into crypto legislation. Just days earlier, on May 3, she vetoed Senate Bill 1025, a similar attempt to let the state invest seized funds into Bitcoin. The reason? Apparently, public funds shouldn’t be used for “untested assets.” Yes, public funds are for the truly unglamorous stuff—roads, schools, and the occasional sandwich. But Bitcoin? Heaven forbid! 🙄

Hope Flickers for More Crypto-Friendly Bills!

But all is not lost for crypto enthusiasts in Arizona. Julian Fahrer, the founder of Bitcoin Laws, tweeted that Hobbs’ signing of HB 2749 gives hope that she might also sign Senate Bill 1373, which is just sitting on her desk, waiting for approval. This bill would allow Arizona’s treasurer, Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin. Because, clearly, diversifying your portfolio with Bitcoin is exactly what state budgets need. 😅

This move follows the lead of New Hampshire’s Governor Kelly Ayotte, who signed House Bill 302 into law on May 6. The new law allows New Hampshire’s treasury to invest in cryptocurrencies with a market capitalization of more than $500 billion. Guess who’s the only cryptocurrency to meet that threshold? You guessed it—Bitcoin. It’s almost like everyone’s trying to get in on the crypto action. Go figure! 💸

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2025-05-08 05:20