Three U.S. States have passed bills relating to bitcoin this week.
New Hampshire was the new state of New Hampshire on Tuesday. first state To sign into law legislation that would create a strategic bitcoin reserve (SBR).
Arizona passed its second law relating to digital assets, bitcoin and blockchain on Wednesday.
On Wednesday, Oregon’s Governor signed into law a bill that updated the commercial code of Oregon to recognize digital assets like bitcoin as collateral.
New Hampshire Can Now Establish An SBR
On Tuesday, New Hampshire signed HB302 It is the first U.S. state to have the legal basis for creating an SBR.
New law allows the State Treasurer to make investments in digital assets with a value of more than $500 billion. Bitcoin is currently the only digital asset which meets these criteria.
Although the law doesn’t explicitly call for an SBR to exist, the Treasurer’s Office of the State can create one.
The efforts of many people were instrumental in the passage of this historic law. Rep. Keith AmmonThe primary sponsor of this Bitcoin-related legislation as well others New Hampshire legislators have a lot of bills in the works.
Arizona, which had just passed a new law in the same year, was followed by this one. Adopting legislation similar to the bill.
Arizona Governor Signs Bitcoin Bill Despite Vetoing One
On May 2, Arizona Governor Katie Hobbs vetoed SB1025This would have allowed the State Treasurer and Retirement System to invest 10% their funds available into virtual currencies.
Text in the bill said that it could be called the “Arizona Strategic Bitcoin Reserve Act” The term “virtual currency” is used in the context of “a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency.”
Many people were quick to point out that Governor Hobbs vetoing this bill was an unfortunate political decision.
Yesterday, Governor Hobbs signed a message that may indicate the delivery of this message. HB2749A bill which also creates a state-level digital assets reserve, into law.
The HB2749 amendments to existing state laws on unclaimed property will allow the state to recover bitcoin and other digital assets. “abandoned” The following are some examples of how to use “unclaimed” After three years.
Arizona’s new law will treat digital assets as abandoned or unclaimed, if their owner hasn’t accessed, used, or acted upon any account related to the account.
Unclaimed Bitcoin and digital assets collected by the state can be placed in a reserve.
The second bill related to bitcoin that Governor Hobbs has signed recently.
She signed as well HB2342 The law will be passed on April 18.
The new law states that counties cannot prohibit an individual from accessing, using or running a Blockchain node at their residence.
New Oregon Law recognizes Bitcoin as Collateral
Tina Kotek, Governor of Oregon signed a bill yesterday SB167 into law.
Updates to the new laws Oregon’s Uniform Commercial Code (UCC) to incorporate digital assets.
Article 9 is amended by the new law, which allows digital assets, such as Bitcoin, to be used for collateral, like mortgage payments.
Article 12 of the UCC is also introduced, and it establishes legal framework for “controllable electronic records,” This includes cryptocurrencies as well as tokenized records.
Oregon’s new legislation lays the foundation for using bitcoin and other digital currencies in financial products.
Picking up the Pace
Prior to this week, three bitcoin-related laws had already been passed into law.
Included in this are:
- Utah’s HB0230The Utah governor signed the bill on 12 March, which set out definitions for digital assets and established a regulatory structure.
- Kentucky’s HB701. This bill, signed into law by Kentucky Governor on the 24th of March, provides definitions and protects individuals and business engaging in digital assets.
- Arizona’s HB2342, about which I wrote earlier this piece
In the weeks to come we could see more Bitcoin laws codified.
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Source: bitcoinmagazine.com
