On May 7, Arizona and Oregon enacted new laws, signaling growing acceptance of crypto at the state level. Arizona established a state-run Bitcoin and Digital Asset Reserve Fund through House Bill 2749, signed by Governor Katie Hobbs. This allows the state to claim abandoned digital assets after three years, using them for staking or airdrops, with proceeds going into the reserve.
Oregon updated its Uniform Commercial Code via Senate Bill 167, classifying digital assets like Bitcoin as acceptable collateral in secured lending. The law also validates electronic records and signatures, streamlining blockchain-based commerce. Experts believe this reduces uncertainty for institutions using crypto in loans and credit arrangements.
While Arizona's Senate Bill 1373, which would permit the state treasurer to allocate up to 10% of Arizona's Budget Stabilization Fund into Bitcoin, awaits the governor's decision, a separate measure, Senate Bill 1025, was vetoed due to volatility concerns. State Senator Wendy Rogers plans to reintroduce the proposal in a future session.
These legislative actions in Arizona and Oregon reflect a broader trend toward integrating Bitcoin and digital assets into state financial systems. The moves aim to modernize financial frameworks and adapt to the evolving landscape of digital currencies.
The adoption of Bitcoin and digital assets into state policy is a significant step towards mainstream acceptance. These changes could encourage further innovation and investment in the cryptocurrency space.
This article is based on our author's analysis of materials taken from the following resources: Bitcoin Laws.