Cryptocurrencies not claimed, Airdrops and Staking rewards will go to the reserve.
Right now, another bill linked to Bitcoin in Arizona is suspended.
Arizona recently joined New Hampshire as one of the first US states in establishing a cryptoactive fund. Law HB 2749 was sanctioned a few days after Governor Katie Hobbs vetoed the SB 1025 project, which sought to create an exclusive treasury for Bitcoin. Although the reservation does not contemplate direct investments, it represents an important step towards the incorporation of cryptocurrencies in public finances.
The bill HB 2749 Modifies unlawed property legislation to include cryptoactive, creating a bitcoin reserve and digital currencies. The measure establishes that These funds will be considered abandoned after three years of owner’s inactivitywhich forces banks and platforms to transfer them to the Arizona Revenue Department within 30 days.
First of all, it is important to point out the differences between the HB 2749 project and the other initiative on cryptocurrency reserves that is currently suspended in Arizona: the proposal SB 1373. The latter was approved by the Senate in early May and then accepted the amendments of the House of Representatives. He is currently waiting for the approval or veto of Governor Hobbs.
While the HB 2749 project adopts a more conservative approach, focused on the custody of abandoned cryptoactive ones without allowing direct capital contributions, the SB 1373 initiative proposes the creation of a strategic reserve that would allow the State Treasurer to invest up to 10% per year in cryptocurrencies, Stablecoins and NFTS – mainly active seized. generate yields. In summary, HB 2749 prioritizes passive security and accumulation, while SB 1373 bets on a more active management.
As established by Law HB 2749, the reservation will settle for digital assets considered abandoned after three years of inactivity. For this, the “Holders”, defined in the text as any person or entity forced to guard assets for their owners, including companies and financial organizations, They must monitor their clients’ accounts. If the notifications sent to the holder do not receive an answer, active such as Bitcoin, Ether, Stablecoins and digital values will be transferred to the Arizona Revenue Department.
In case of not receiving any update from the owner, Assets must be delivered in their native formthat is, preserving its original digital format. This, according to the same law, implies the need for safe custody solutions, with private proven keys in encrypted environments and distributed data centers. If the custodian does not have full access to private keys, you must retain the funds until they can be transferred safely.
The requirement of the law of transferring inactive cryptoactive after three years underlines that banks or exchanges may not be ideal for long -term holding, since users who store money on these platforms, instead of personal wallets with private keys control, They run the risk of their funds being considered abandoned if they do not maintain activity or update their data. Although from the state’s perspective claiming these assets is a logical measure to manage resources that, otherwise, would remain unused, it is clear that for users who think in the long term is not something ideal.
The transferred cryptocurrencies, together with the Airdrops and the reaking rewards, will be deposited in a fund administered by the Income Department. Assets may be sold at market prices if the department considers it convenientbut any use of money, as assignments for state projects, will require legislative approval. The law enters into force on July 1.
While the HB 2749 proposal prepares to enter the scene and the SB 1373 project remains in suspense, the Bitcoiner community does not give up with respect to the already vetoed SB 1025. This initiative raised the creation of a strategic treasury dedicated exclusively to BTC, and, although it managed to advance successfully by all legislative instances, It was rejected under the argument that it represents a risk to the financial stability of the State. In recent days, community members have expressed their disagreement with this decision, although it is unlikely to be reversed, since the proposal does not have the necessary support in both cameras.
Unlike Arizona, where a more cautious approach predominates, from New Hampshire they have managed to approve the first strategic reserve of the US cryptoactives. UU., Actively financed with public money. This, unlike the HB 2749 project, It allows to invest up to 5% of the state funds in precious metals and digital currencies With a market capitalization greater than USD 500 billion dollars, a threshold that currently only complies with Bitcoin.
