AZ Governor Hobbs Unleashes New Law: State Seizes Unclaimed Crypto After 3 Years!

Digital Assets Now in Arizona's Crosshairs

Holy smokes, Arizona's Governor Katie Hobbs just dropped a bombshell! She's signed off on a law that lets the state swoop in and take control of your digital assets if you leave them unclaimed for three years or more. That's right, your forgotten crypto could soon be in the state's hands!

HB2749: The Game-Changing Bill

On May 7, the governor's official website lit up with the news. House Bill 2749, backed by both parties in the state legislature, is now the law of the land. This isn't just any old bill; it's a total game-changer, updating Arizona's unclaimed property laws to tackle the wild world of digital assets, including everyone's favorite, cryptocurrencies.

Jeff Weninger's Vision: Protecting and Managing the Future

House Commerce Committee Chairman Jeff Weninger, the mastermind behind HB2749, is all about protecting your property rights while giving the state the tools it needs to handle this new wave of value. "Digital assets aren't the future—they're the present," Weninger declared. His bill sets up a process to identify and manage unclaimed virtual property and even creates a Bitcoin (BTC) and Digital Assets Reserve Fund for future use, all with the legislature's nod.

How It Works: Abandoned Assets and the State's New Powers

Here's the deal: if you don't respond to communications about your digital assets for three years, they're considered abandoned. After that, they get handed over to the Arizona Department of Revenue, still in their original digital form. But wait, there's more! The state's qualified custodians can stake these assets or grab airdrops, with all the goodies going straight into the new reserve fund.

No Taxpayer Money Involved

And don't worry, this isn't going to cost you a dime. The reserve fund doesn't touch taxpayer money or state funds. Any staking rewards or airdropped tokens go right into the reserve, managed by the state treasurer and kept in check by the legislature.

Hobbs' Veto and Arizona's Bold Move

This move comes hot on the heels of Hobbs vetoing another bill, Senate Bill 1025, which wanted to invest seized funds in Bitcoin. She nixed that one, worried about using public funds on "untested assets." But HB2749? It's all about those abandoned assets, no active investment needed.

Arizona Follows New Hampshire's Lead

Arizona isn't the first to jump on this bandwagon. New Hampshire's already in the game, allowing investments in cryptocurrencies with market caps over $500 billion. Right now, that's just Bitcoin, but who knows what the future holds?