Arizona's new crypto reserve bill could confiscate 'long dormant' crypto assets

BlockBeats News: On May 8th, this morning, the HB 2749 bill in Arizona, USA, was signed, and Arizona's first cryptocurrency reserve will be established. According to the official press release, the bill includes the following contents: If the legal owner fails to respond to the communication within three years, it is presumed that the digital asset has been abandoned. Once the digital asset is deemed abandoned, the holder must submit the digital asset to the tax department in its original form. Qualified custodians in the state are authorized to pledge these assets to earn rewards or receive airdrops. Any pledged rewards or airdropped assets will be deposited into a new Bitcoin and digital asset reserve fund, managed by the Minister of Finance and subject to legislative appropriations restrictions. '' It is worth noting that a similar situation occurred last year when a Chinese netizen named "Chu" on the social media platform Xiaohongshu posted that he decided to start hoarding coins in 2021. At the end of that year, he transferred all his tokens to the legitimate trading platform Coinbase in the United States, and occasionally logged into his account to check his asset status. However, in June last year, the netizen discovered that their Coinbase account could not be logged in. After consulting customer service, they found that the account had been cancelled and the BTC in the account had been sold and sent to an institution in Wyoming, USA. Coinbase explained that the netizen's account had not been active for a long time and the assets were considered "unclaimed property".