Arizona Governor Katie Hobbs signed House Bill 2749 into law on May 7, which sets new rules for how the state will handle unclaimed digital assets.
The bill, introduced by House Commerce Committee Chair Jeff Weninger, updates Arizona’s existing property laws to include cryptocurrencies.
Under the new law, if someone does not respond to account notices or show any activity for three years, their crypto assets will be considered abandoned. At that point, the assets must be handed over to the Arizona Department of Revenue in their original form, without being sold for cash.
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The law also creates a separate fund to hold earnings from these digital assets, such as staking rewards or airdrops. These funds can only be used if lawmakers give approval. Weninger said in a statement:
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.
Additionally, House Bill 2749 does not use taxpayer money to buy cryptocurrencies. Instead, it focuses on managing assets that are already abandoned. It also ensures that if the original owners ever come forward, they can reclaim their assets, including any gains made while the state held them.
By passing this law, Arizona aims to protect both the value of digital assets and the public interest without exposing state resources to unnecessary financial risks.
On April 30, North Carolina’s House of Representatives passed the Digital Assets Investment Act (House Bill 92) with a 71–44 vote. What does the bill include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
