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Arizona Governor Katie Hobbs has signed a bill into law allowing the US state to keep unclaimed crypto and establish a “Bitcoin Reserve Fund” that won’t use any taxpayer money or state funds.
Hobbs signed House Bill 2749 into law on May 7, which allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years.
The state’s custodians can stake the crypto to earn rewards or receive airdrops, which can then be deposited into what Arizona has called a Bitcoin and Digital Asset Reserve Fund.
“This law ensures Arizona doesn’t leave value sitting on the table and puts us in a position to lead the country in how we secure, manage, and ultimately benefit from abandoned digital currency,” the bill’s sponsor, Jeff Weninger, said in a May 7 statement.
“We’ve built a structure that protects property rights, respects ownership, and gives the state tools to account for a new category of value in the economy,” Weninger added.
On May 3, Hobbs vetoed a similar Bitcoin (BTC) reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for “untested assets.”
Hobbs’ move gives hope for future crypto bills
Bitcoin Laws founder Julian Fahrer said on X that Hobbs’ signing of HB 2749 offers more hope that she may also sign Senate Bill 1373, which is currently on her desk.
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SB 1373 would authorize Arizona’s treasurer, currently Kimberly Yee, to allocate up to 10% of Arizona’s Budget Stabilization Fund into Bitcoin.
The bill’s passage in Arizona follows New Hampshire Governor Kelly Ayotte on May 6 signing House Bill 302 into law, allowing her state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion.
Bitcoin is currently the only cryptocurrency that meets that threshold.
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Binance founder and convicted felon Changpeng Zhao says that he applied for a pardon from US President Donald Trump shortly after denying reports that he was seeking one.
Zhao, also known as CZ, said on a Farokh Radio podcast episode aired May 6 that he “wouldn’t mind” a pardon and that his lawyers have already filed the paperwork on his behalf
“I got lawyers applying,” Zhao said, adding that he submitted the request after Bloomberg and The Wall Street Journal reported in March that he was seeking a pardon from Trump amid discussions of a business deal between the Trump family and Binance.US.
Zhao denied the reports at the time, but said on the podcast that he thought “if they’re writing this article, I may as well just officially apply.”
He added that Trump’s pardon of three BitMEX founders, including Arthur Hayes, also motivated him to submit an application.
Zhao said the application was submitted about two weeks ago.
Zhao said at the time of the Bloomberg and Wall Street Journal reports that “no felon would mind a pardon,” and claimed he is the only person in US history to serve prison time for a Bank Secrecy Act charge.
Zhao pleaded guilty to a money laundering charge in November 2023 as part of a deal Binance reached with US authorities, which saw it pay a $4.3 billion fine, to which Zhao contributed $50 million. He was also forced to step down as CEO.
Zhao was later sentenced to four months in prison and was prohibited from working at Binance as part of his plea deal.
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According to the US Department of Justice, a pardon would not erase Zhao’s money laundering conviction; however, it could potentially allow him to assume a management or operational role at Binance.US.
Zhao has no plans to return as Binance CEO
While Zhao remains a Binance shareholder, he said in November at Binance Blockchain Week that he has “no plans to return to the CEO position.”
“I feel the team is doing well and doesn’t need me back,” Zhao said.
Since leaving prison, Zhao has commenced advisory roles in Pakistan and Kyrgyzstan, assisting on matters related to crypto regulation and implementing blockchain solutions.
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A senior Labour MP has said the government needs to take “corrective action” over planned disability benefit cuts – as Sir Keir Starmer faces a growing backbench rebellion.
Tan Dhesi, chair of the influential Commons defence committee, told the Politics Hub with Sophy Ridge the “disappointing” local election results show the government must listen and learn, particularly over welfare reforms.
The government has proposed tightening the eligibility requirements for the personal independent payment, known as PIP.
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A claimant must score a minimum of four points on one PIP daily living activity, such as preparing food, washing and bathing, using the toilet or reading, to receive the daily living element of the benefit.
Mr Dhesi, the MP for Slough, said “corrective action” needs to be taken but insisted if the government changed tact, it would not be a U-turn as the disability cuts were only proposals.
Tan Dhesi spoke to Sky’s Sophy Ridge
“A government which is in listening mode should be looking at what the electorate is saying,” he said.
“And we need to make sure that it’s our moral duty, responsibility, to look after the most vulnerable within our community, whether that’s in Slough, whether that’s elsewhere across the country.
“So, I hope that the government will be taking on board that feedback and many of us as MPs are giving that feedback in various meetings happening here in Westminster and then we need to take corrective action.”
Alex Davies-Jones said the government was seeking to ‘protect the vulnerable’
Minister Alex Davies-Jones told the Politics Hub a Labour government “will always seek to protect the most vulnerable” and it wants to “listen to people who have got real lived experience”.
She added she has the “utmost respect for Tan, he’s a great constituency MP and he’s doing exactly what he should be doing, is representing his constituency”.
Sir Keir is facing a rebellion from Labour MPs, with about 40 in the Red Wall – Labour’s traditional heartlands in the north of England – reposting a statement on social media in which they said the leadership’s response to the local elections had “fallen on deaf ears”.
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Starmer defends winter fuel cuts
Several backbench Labour MPs also spoke out against the plans during a debate on PIP and disabled people in parliament on Wednesday.
Ian Byrne, MP for Liverpool West Derby, said he would “swim through vomit to vote against” the proposed changes and said: “This is not what the Labour Party was formed to do.”
Bell Ribeiro-Addy, the MP for Clapham and Brixton Hill, said she feared tightening PIP eligibility would cause deaths, adding: “Lest we forget that study that attributed 330,000 excess deaths in Britain between 2012 and 2019 to the last round of austerity cuts [under the Conservative government].”
Diane Abbott, the longest-serving female MP, accused the government of putting forward “contradictory arguments”.
“On the one hand, they insist they are helping the disabled by putting them back to work,” she said.
“But on the other hand, they say this cut will save £9bn. Well, you can’t do both.”
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‘I’ll struggle if I lose disability support’
However, fellow Labour MP David Pinto-Duschinsky, said MPs cannot “ignore this issue” of health-related benefit claimant figures rising at “twice the rate of underlying health conditions”.
Responding for the government, social security minister Sir Stephen Timms said PIP claims were set to “more than double, from two million to over 4.3 million this decade”.
“It would certainly not be in the interests of people currently claiming the benefits for the government to bury its head in the sand over that rate of increase,” he added.
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