First in the U.S.! Arizona's new bill unlocks unclaimed digital assets "treasure"

Phoenix - Arizona has taken a key step in cryptocurrency regulation. With the signing of House Bill 2749 (HB2749), the state officially became the first state in the United States to allow unclaimed digital assets to be held in their native form. This bill not only establishes a mechanism for handling crypto assets, but also establishes a state-level Bitcoin and Digital Asset Reserve Fund, bringing an innovative legislative example to the digital economy.

The advancement of this bill has received broad bipartisan support and has been successfully passed by both houses of the state legislature. Jeff Weninger, chairman of the House Commerce Committee, has spared no effort to promote it. He said: "Digital assets are not the future, but the present." As digital assets such as cryptocurrencies are rapidly developing around the world, traditional property management regulations have been unable to meet new needs. HB2749 came into being to update Arizona's unclaimed property law and properly respond to the growing phenomenon of digital assets.

The bill establishes a rigorous and clear process for identifying and handling unclaimed virtual property. Under the new law, if the legal owner does not respond to relevant communications within three years, his or her digital assets will be considered abandoned. Once deemed abandoned, the asset holder must transfer the digital assets to the Department of Taxation in their original form. After that, the state's qualified custodians have the right to pledge these assets to obtain rewards or airdrops. Any proceeds from staking rewards or airdrops will be deposited into the newly established Bitcoin and Digital Asset Reserve Fund. The fund is managed by the state treasurer and its use is subject to legislative appropriation approval.

This move not only protects the value of digital assets held by the state government, but also creates new financial opportunities for taxpayers. The key is to achieve this without expanding the size of the government or increasing taxes. "We have established a system that protects property rights, respects ownership, and provides the state with tools to account for this new value category in the economy." Weninger emphasized that this law ensures that Arizona will not let the value of digital assets go idle, enabling it to lead the protection and management of digital assets across the United States, and ultimately benefit from abandoned digital currencies. The bill demonstrates the forward-looking nature of Arizona's policies, which are both modern and precise, and based on a deep understanding of technology and financial development trends.

It is worth mentioning that HB2749 is just one of several digital asset-related bills proposed by Chairman Weninger in this session, and there is a greater vision behind it - to promote Arizona to become a national leader in the field of financial technology. As a small business owner and a Republican member of the Arizona House of Representatives, Weninger serves in the 13th Legislative District of Chandler, Gilbert and Sun Lakes. With his influence in the key position of Chairman of the House Commerce Committee, he continues to inject momentum into Arizona's development in the field of financial technology. With the implementation of this new law, Arizona's exploration and practice in the field of digital assets may provide a model for other states and even the world to learn from, and further promote the improvement of the digital asset regulatory system.