This week, three U.S. states will incorporate Bitcoin-related bills into law.
On Tuesday, New Hampshire became the first state to sign a bill that would allow the creation of strategic Bitcoin reserves (SBRs).
On Wednesday, Arizona enacted a second bill related to Bitcoin, blockchain and digital assets.
Also on Wednesday, the governor of Oregon signed a bill that updated the state’s business regulations to make it recognize digital assets, such as Bitcoin as collateral.
New Hampshire can now build an SBR
New Hampshire signed HB302 into law Tuesday, making it the first state in U.S. history to create an SBR.
The new law enables state finance executives to invest in digital assets with a market capitalization of more than $500 billion. (Bitcoin is the only digital asset currently complies with this standard.)
Although the law does not explicitly require the creation of an SBR, it does enable the state’s treasurer to create one.
Part of the historic law is attributed to the efforts of Rep. Keith Ammon, a major sponsor of the Bitcoin-related bill and the efforts of others currently working through the New Hampshire state legislature.
The new law is being made right after Arizona almost Incorporate similar bills into law.
Arizona governor vetoes one bitcoin bill but signs another
On May 2, Arizona Gov. Katie Hobbs vetoed SB1025, which would allow state treasurers and retirement systems to invest 10% of its available funds in virtual currencies.
The text in the bill states that the bill may be referred to as the “Arizona Strategic Bitcoin Reserve Act” and provides that the term virtual currency refers to “a digital representation of value, whose function is a medium of exchange, an account unit and a store of value in addition to the U.S. dollar or foreign currency or foreign currency or foreign currency or foreign currency.”
Many were quick to stress that Governor Hobbs’ veto of the bill was a political mistake.
The information may have been received by Governor Hobbs because yesterday, she signed HB2749, which also sets state-level digital asset reserves as law.
HB2749 has revised existing state regulations for unclaimed financial property to allow the state to claim Bitcoin or other digital assets that “waive” or “unclaimed” after three years.
Under this new law, Arizona will consider abandoned or unclaimed digital assets when the owner of a digital asset does not access the digital asset account electronically, conducts transactions in the digital asset account and/or acts on any related accounts held by the same owner.
Unclaimed Bitcoin and other digital assets collected by the state can be transferred to reserves.
This is the second Bitcoin-related bill signed in recent weeks.
She also signed the entry into law on April 18.
The new law states that counties may not prohibit individuals from legally accessing or using computing power or running blockchain nodes in residences.
New Oregon law treats Bitcoin as collateral
Yesterday, Oregon Gov. Tina Kotek signed SB167 into law.
The new law updates Oregon’s Uniform Business Regulations (UCC) to consolidate digital assets.
The new law has amended Article 9 of the UCC to allow the use of digital assets such as Bitcoin as collateral for mortgage payments.
It also introduced Article 12 to the UCC, which aims to establish a legal framework for “controllable electronic records” that includes cryptocurrencies and marker records.
The new law sets the basis for the use of Bitcoin and other digital assets in traditional Oregon financial products.
Achieve pace
Only three other Bitcoin-related bills have been enacted into law before this week.
These include the following:
- HB0230 in UtahThis was signed by the Governor of Utah on March 12 and established a regulatory framework for defining and digital assets.
- HB701 in KentuckyThis was signed by the Governor of Kentucky on March 24, providing definition and protection for individuals and businesses involved in digital assets
- HB2342 in ArizonaI discussed it before this article
If the activity we’re seeing this week indicates what’s coming, we may see more proposed Bitcoin legislation codifying it into law in the coming weeks and months.
