Arizona and Oregon embrace Bitcoin in sweeping new laws

Two US states have taken significant steps to integrate Bitcoin and digital assets into public policy. On May 7, Arizona and Oregon passed new laws that signal growing acceptance of crypto at the state level. Arizona launches Digital Asset Reserve Arizona has created a state-run Bitcoin and Digital Asset Reserve Fund following the passage of House Bill 2749. Governor Katie Hobbs signed the bill into law on May 7. The new legislation allows the state to claim ownership of abandoned digital assets after three years of inactivity. Once under state custody, these assets can be staked or used to receive airdrops, with proceeds deposited into the reserve. According to Jeff Weninger, Chair of the House Commerce Committee, the measure aims to ensure that Arizona can capture value from forgotten digital currencies. He noted that the framework respects ownership rights while helping the state adapt to financial innovation. He added: “Digital assets aren’t the future—they’re the present...We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy. 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.” Meanwhile, House Bill 2749’s passage has increased optimism among crypto advocates, mainly as Senate Bill 1373 awaits the governor’s decision. Crypto advocacy firm Bitcoin Laws stated: “This matters because SB 1373, which is the meaningful Strategic Reserve bill in Arizona, is currently at Governor Hobbs’ desk awaiting either signature or veto.” SB 1373 would permit the state treasurer to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin. Supporters argue that this would create a strategic hedge for state finances. Despite this progress, not all Bitcoin-focused proposals have succeeded in the state. Governor Hobbs recently vetoed a separate measure, Senate Bill 1025, that would have allowed the state to invest seized funds into Bitcoin. Hobbs cited concerns over exposing public money to volatile and untested assets. However, State Senator Wendy Rogers has vowed to reintroduce the proposal in a future session. Oregon recognizes crypto as collateral Oregon has also taken a significant step toward normalizing crypto in financial markets. Through Senate Bill 167, the state has updated its Uniform Commercial Code to classify digital assets like Bitcoin as acceptable collateral in secured lending. The law also acknowledges the validity of electronic records, signatures, and blended transactions, creating a more straightforward pathway for blockchain-based commerce. Market experts say this update reduces uncertainty for institutions using crypto in loans and credit arrangements. They also added that this legislative move will boost crypto adoption in Oregon’s financial ecosystem and encourage the development of asset-backed lending products. Source: https://cryptoslate.com/arizona-and-oregon-embrace-bitcoin-in-sweeping-new-laws/