Arizona Governor signs Bitcoin Reserve Bitcoin Reserve Bill to the Act after rejecting separate cryptography

Arizona Governor Katie Hobbs has signed House Bill 2749, which aims to establish a reserve fund for Bitcoin and other digital assets. announcement From Dennis Porter, CEO of Satoshi Action Fund.

The signature came just after Hobbs The reviewed Senate Bill 1025 is another Bitcoin reservation bill that would have allowed states to invest 10% of their financial and pension assets in digital assets such as Bitcoin.

In her rejection message, the governor said “Arizonan’s retirement system is strong as it sticks to a proven investment strategy,” and said it would be inappropriate to expose state retirement funds to untested investments like digital assets.

Porter said of all the code proposals presented to Hobbs, House Bill 2749 stood out as her favorite for the budget neutral design.

Supported by Jeff Wehning officials with bipartisan support, the new law modernizes Arizona’s unclaimed property laws to create a National Management Reserve Fund to hold and potentially grow these assets, including digital assets.

Under the law, state treasurers oversee reserves, including digital assets acquired through airdrops, staking fees and profits. Qualified custodians can actively wager their assets to generate state returns. Remuneration earned from unclaimed digital assets held for three years will be deposited in the new fund.

The law allows for the legislative approval and transfer of 10% of certain digital assets to the Arizona General Fund, but it specifically prohibits Bitcoin from such transfers and stores them as a strategic preparation.

This law updates the Arizona Revised Act to establish that digital assets are recognized as clear property classes and that these assets are considered abandoned after three years of inactivity, unless the owner takes certain actions, such as logging in or trading.

Previously, Hobbs rejected Senate Bill 1025. This allowed the state to invest up to 10% of its financial and pension assets in digital assets such as Bitcoin.