Arizona Just Got Its Own Bitcoin Fund—And It’s Not What You Think!

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So, Arizona just went ahead and did it—they launched their very own Bitcoin and Digital Asset Reserve Fund. But hold your horses, this is no ‘let’s go all-in on Bitcoin’ kind of thing. Nope. It’s more like ‘let’s handle unclaimed digital assets’ without causing any wild market roller coasters.

This exciting (or not-so-exciting, depending on who you ask) move follows New Hampshire’s groundbreaking HB 302, making them the first state to establish a Bitcoin (BTC) reserve. Arizona’s like, “Oh, you did that? Well, we can do it too… but with more rules.” 😎

Governor Katie Hobbs Makes a Last-Minute Switcheroo

Here’s the drama: Governor Katie Hobbs initially vetoed the Arizona Strategic Bitcoin Reserve Act (SB 1025) because, let’s be honest, digital assets are more volatile than your last Tinder date. So, she was like, “Nope, not suitable for our retirement system!” Yet, just days later, she signed HB 2749. Apparently, a smaller, safer version was acceptable to her. #PlotTwist

“Days after vetoing SB 1025, which would have let Arizona invest public funds and seized crypto into Bitcoin, Gov. Katie Hobbs (D) signs HB 2749, a scaled-down version that funds a BTC reserve using unclaimed crypto, airdrops, and staking rewards,” said Matthew Sigel, who’s probably had enough of all this crypto drama.

So, what’s the deal with HB 2749? Basically, if your digital assets go unclaimed for three years, Arizona will snatch them up. Then, they’ll stake your crypto like it’s some sort of tech-savvy retirement plan. Don’t worry, they’ll even earn rewards. 🙄 And, of course, they’ll transfer these rewards into the state’s shiny new Bitcoin and Digital Asset Reserve Fund. Because who doesn’t want a digital treasure chest? 🏴‍☠️

“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. It’s exactly the kind of policy we should be leading on—modern, precise, and built with an understanding of where technology and finance are heading,” said Representative Jeff Weninger, who clearly thinks Arizona is the crypto capital now.

But wait, there’s more! Arizona’s not done. They’ve got two more bills on the table: SB 1373 and HB 2324. The first one is all about creating a Digital Assets Strategic Reserve Fund (a little less catchy, don’t you think?), and the second one? Well, it tried to create a reserve for forfeited digital assets, but it failed its final reading. Bummer. Maybe next time? 🤷‍♀️

Other states are in the race too. Texas recently passed their Strategic Bitcoin Reserve Bill (SB 21), and Oregon’s just updated their Uniform Commercial Code to recognize digital assets as legit. Go Oregon! 😎 Meanwhile, Florida’s Bitcoin Reserve proposals, HB 487 and SB 550, are stuck in traffic. Looks like crypto’s still on hold there. 🚗💨

“Texas Bitcoin Reserve should be one vote away. TX legislature adjourns on 6/2, so we should know within ~3 weeks at the latest,” Julian Fahrer, founder of Bitcoin Laws, tweeted, probably crossing his fingers for a vote.

So, what does this all mean? Well, some states are getting with the digital times, and others are… well, they’re still figuring it out. 😅

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2025-05-08 08:53