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Bill

HB 2749

unclaimed property; virtual currency; security

57th Legislature - First Regular Session Introduced by Jeff Weninger

Arizona law now allows states to take custody of unclaimed virtual currency and digital assets, establishing procedures for reporting, holding, and returning crypto to rightful owners.

Signed by Governor
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WeVote Research Nonpartisan
Bill Summary · HB 2749

Legislative bill overview

HB 2749 modifies Arizona's unclaimed property laws to address virtual currency and digital assets held by businesses or financial institutions. The bill establishes procedures for how unclaimed virtual currency should be handled, reported, and potentially returned to owners, while clarifying state custody of such assets.

Why is this important

As cryptocurrency and digital assets become more common, existing unclaimed property frameworks designed for physical assets and traditional securities are inadequate. This bill creates legal clarity for Arizona businesses holding crypto, establishes consumer protections for forgotten digital assets, and generates potential revenue for the state through unclaimed property funds—a significant issue as billions in unclaimed assets sit in limbo nationwide.

Potential points of contention

  • Valuation challenges: Virtual currency volatility makes determining the value of unclaimed crypto at the time of custody transfer complex and potentially contentious for owners who lose substantial value while the state holds assets
  • State custody of crypto: Questions about whether state governments should hold and manage volatile digital assets, including cybersecurity risks and operational capability concerns
  • Consumer access delays: Owners may face lengthy or bureaucratic processes to reclaim virtual currency, particularly if state custody involves conversion to fiat currency or regulatory holding periods

Compiled from official sources — confirm details with the bill’s official record.

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