Arizona Governor Katie Hobbs has enacted a new law that allows the state to retain unclaimed cryptocurrencies and create a "Bitcoin Reserve Fund" without using taxpayer or state funds.
On May 7, Hobbs signed House Bill 2749, which allows Arizona to take control of abandoned digital assets if the owner does not respond within three years.
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State custodians can staking these cryptocurrencies to earn rewards or receive airdrops, which will be added to what Arizona has dubbed the Bitcoin and Digital Asset Reserve Fund.
Jeff Weninger, sponsor of the bill, said in a statement on May 7:
"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."