Arizona’s new crypto reserve bill could confiscate “long-dormant” crypto assets

Mars Finance News, on May 8th, the Arizona State HB 2749 bill was signed, establishing Arizona's first crypto reserve. According to the official press release, the bill contains the following contents: "If the legal owner fails to respond to communications within three years, digital assets are presumed to be abandoned. Once digital assets are considered abandoned, the holder must submit digital assets to the tax department in their original form. Qualified custodians in the state are authorized to stake these assets to earn staking rewards or receive airdrops. Any staking rewards or airdrop assets will be deposited into a new Bitcoin and digital asset reserve fund, managed by the state treasurer and subject to legislative appropriations." Notably, a similar situation occurred last year, where a Chinese netizen with the alias "Chu" on the social platform Xiaohongshu mentioned that he decided to accumulate coins in 2021, transferring all tokens to the legally compliant US exchange Coinbase by the end of that year, occasionally logging in to check asset status. However, in June last year, the netizen discovered that the Coinbase account could not be logged into, and after consulting customer service, found that the account had been cancelled, with the BTC in the account sold and sent to an institution in Wyoming, with Coinbase's reason being that the user's account had been inactive for a long time and the assets were considered "Unclaimed Property".