Arizona has also made history by signing the Bitcoin reserve bill, following in the footsteps of New Hampshire in holding the coin as a state asset.
Arizona has become the second state in the US to establish a Strategic Bitcoin (BTC) Reserve (SBR). On May 7, Katie Hobbs, the governor of the Southwestern American state, signed a bill (HB 2749) to move forward with this motion.
Arizona Plans For The Strategic Bitcoin Reserve
It is worth noting that Arizona would have been the first US state to sign this SBR bill into law if not for several setbacks it has encountered. The Grand Canyon state was the first state to move the bill to its governor’s desk, but the legislation was vetoed, which attracted criticism from the broader crypto community.
According to HB 2749, Arizona will use funds from unclaimed property transferred to the state’s custody.
This includes financial assets that have been forgotten by their owners (for a minimum of three years) and are now being safeguarded by the state. Notably, this Bitcoin reserve fund will not use taxpayer or state funds.
In a published statement, Jeff Weninger, the bill’s sponsor, stated, “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.”
New Hampshire Breaks The Major Record
It’s been two months since Donald Trump, the President of the United States (POTUS), signed the executive order to establish a strategic Bitcoin reserve.
According to David Sacks, the White House czar for AI and cryptocurrency, the plan is for the reserve to hold government-seized assets, mostly from forfeitures as part of criminal or civil proceedings.
Just about two weeks ago, New Hampshire’s Governor Kelly Ayotte signed a bill into law in favour of the SBR, making the US state the first to embrace the initiative officially.
The city, notorious for its massive libertarian hub in the US, intends to allocate around 5% of its state funds into an asset with up to $500 billion in market capitalization, perfectly describing Bitcoin.
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