Signed by Governor Katie Hobbs

Vote Smart's Synopsis:

Vote to pass a bill that establishes a reserve fund for Bitcoin and other digital assets in Arizona.

Highlights:

• Establishes a reserve fund for Bitcoin and other digital assets in Arizona (Sec. 1-4).

• Requires digital assets to be handled by a qualified custodian and could be actively staked to earn additional rewards (Sec. 1-5).

• Specifies that if assets remain unclaimed for 3 years, any staking gains or airdrops would be transferred to the new reserve fund (Sec. 1-4).

• Prohibits the state from selling digital assets below prevailing exchange prices and adds digital assets to Arizona’s statutory framework governing the sale of unclaimed property (Sec. 1-4).

• Specifies that sales would be conducted via recognized digital asset exchanges or by commercially reasonable methods for less-liquid tokens (Sec. 1-4).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 5).

Full Bill Text