Arizona and Texas Embrace Cryptocurrency Legislation for Asset Management
Recently, Governor Katie Hobbs of Arizona enacted House Bill 2749 (HB 2749), authorising the state to seize dormant cryptocurrency after three years of inactivity. This legislation enables the state not only to claim ownership of unclaimed digital assets but also to stake them, thereby generating rewards that will be deposited into a newly established Bitcoin and Digital Asset Reserve Fund, all without employing taxpayer funds.
The timing of HB 2749’s enactment is noteworthy, occurring just days after Governor Hobbs vetoed a separate Senate bill advocating for direct investment of public funds in Bitcoin. This incident suggests a deliberate choice by the governor to favour the passive accumulation of cryptocurrency through unclaimed assets rather than direct taxpayer involvement.
Arizona’s move aligns with similar initiatives emerging from other states, notably New Hampshire. On May 6, Governor Kelly Ayotte signed HB 302, which permits the New Hampshire treasury to invest in digital assets with a market capitalisation exceeding US$500 billion (AU$781 billion)—a threshold that currently only Bitcoin meets.
Dennis Porter, CEO of the Satoshi Action Fund, praised the bill, characterising it as a forward-thinking yet prudent measure. He commented on the implications of the new law, stating, "Arizona just showed the country how to turn forgotten assets into a fortress against inflation. With HB 2749, lawmakers converted dormant dollars into digital gold—without touching the taxpayer’s pocket. It’s a win for fiscal responsibility and for every Arizonan who believes in sound money."
Originally introduced by Representative Jeff Weninger, HB 2749 has garnered bipartisan support, amending Arizona’s laws regarding abandoned property to include digital assets. This change provides a legal pathway for the state to manage forgotten wallets and unlock dormant value, positioning Arizona to potentially benefit financially from previously overlooked assets.
Texas Advances Its Own Bitcoin Reserve Initiative
In parallel updates from Texas, Senate Bill 21 (SB 21) has successfully passed a key committee, setting the stage for further legislative action. With a 9-4 vote along party lines, the bill is poised for a full vote in the House. If approved, SB 21 will move to Governor Greg Abbott’s desk—anticipated before the legislature wraps up on June 2.
Governor Abbott is known for his advantageous stance on cryptocurrency and previously solicited Bitcoin donations for his 2014 campaign. He has expressed aspirations to establish Texas as the leading "crypto capital" of the United States, which underscores the potential significance of SB 21 in the broader context of state-level cryptocurrency policies.
As both Arizona and Texas explore legislative avenues to engage with the growing cryptocurrency market, the trend highlights a noteworthy shift in how states are addressing the management of digital assets. These measures not only provide greater clarity regarding dormant assets but also reflect a growing acceptance of cryptocurrencies within the traditional financial framework, thereby paving the way for future developments in state asset management strategies.
In summary, both states are taking proactive steps in the realm of cryptocurrency legislation, showcasing a blend of financial innovation and fiscal responsibility. As the legal landscape evolves, such measures may serve as models for other states considering similar frameworks for digital asset management.
