Arizona Passes HB 2749 to Hold Unclaimed Crypto, Texas and Oregon Advance Bitcoin Legislation

Arizona has become the first U.S. state to pass a law, HB 2749, allowing unclaimed cryptocurrency to be held in its original form, rather than being liquidated. Governor Katie Hobbs signed the bill into law, which modernizes the state's unclaimed property laws to include digital assets. Under the new law, digital assets are considered abandoned after a three-year dormancy period and must then be turned over to the state's Department of Revenue in their native form. The legislation also establishes a reserve fund where earnings from these unclaimed assets, such as staking rewards or airdrops, can be deposited. These earnings will be subject to legislative approval for distribution. This move positions Arizona as a leader in managing and benefiting from abandoned digital currency, according to House Commerce Committee Chairman Jeff Weninger. Separately, Arizona's Senate approved Senate Bill 1373, which aims to create a Strategic Bitcoin Reserve. This bill, however, was vetoed by Governor Hobbs on May 2, due to concerns about the volatility and fiduciary risks associated with Bitcoin. State Senator Wendy Rogers, who introduced the bill, plans to reintroduce it in the next legislative session. In related developments, Texas has advanced its own Bitcoin reserve legislation, with Senate Bill 21 passing out of the House Committee and heading to a final floor vote. If passed, Texas plans to allocate $500 million annually to purchase Bitcoin for its reserve. Oregon has also passed a bill, Senate Bill 167, which provides legal clarity on the treatment of digital assets as collateral.