U.S. States Embrace Cryptocurrency: Arizona and New Hampshire Lead with New Legislation

This week marked significant progress in the adoption of cryptocurrency at the state level in the U.S. Both Arizona and New Hampshire have enacted new laws that foster state involvement with digital currencies. In Arizona, Governor Katie Hobbs signed House Bill 2749, allowing the state to maintain a reserve of unclaimed cryptocurrency assets without the requirement to invest public funds. However, a proposal to invest up to 10% of state funds in digital assets faced a veto due to concerns about the potential risks to retirement funds.

Simultaneously, New Hampshire's Republican Governor Kelly Ayotte approved House Bill 302, enabling state officials to invest up to 5% of public funds in cryptocurrencies and precious metals. This move resonates with New Hampshire's ongoing support for cryptocurrency-friendly policies.

Further interest in the cryptocurrency space has emerged at the federal level, particularly regarding how much cryptocurrency U.S. federal agencies possess following a strategic reserve mandate introduced during the Trump administration. The Office of the Comptroller of the Currency (OCC) has clarified that national banks are permitted to custody digital assets, despite some conflicting policies from the Federal Reserve.

In related news, Coinbase has made headlines by acquiring Deribit, a prominent cryptocurrency derivatives exchange, for a whopping $2.9 billion.

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