"Kansas has become the latest U.S. state to explore a formal role for Bitcoin and digital assets in public finance, with lawmakers introducing legislation that would create a state-managed Bitcoin and Digital Assets Reserve Fund. The bill, introduced by State Senator Craig Bowser, proposes amending Kansas' unclaimed property laws to explicitly recognize digital assets, including cryptocurrencies and virtual currencies, and to establish a framework for their custody, management, and potential sale. If passed, the legislation would place oversight of the reserve with the Kansas State Treasurer."
"Unlike many traditional forms of unclaimed property, the bill allows these assets to be delivered and held in their native digital form, rather than being immediately liquidated. The legislation also permits the state's designated qualified custodian to stake digital assets and receive airdrops, subject to direction from the treasurer. Any staking rewards or airdropped assets generated after three years would be transferred into the BTC and Digital Assets Reserve Fund, creating a mechanism for the state to accumulate digital assets over time."
Kansas lawmakers introduced legislation to create a state-managed Bitcoin and Digital Assets Reserve Fund and amend unclaimed property laws to explicitly recognize digital and virtual currencies. The proposal would transfer unclaimed custodial digital assets to the state after three years of inactivity following undeliverable written or electronic communication to the owner, with the abandonment clock pausing upon any sign of owner activity. The measure applies only to assets held by licensed custodians, not to self-custodied wallets. The bill permits native custody of digital assets, allows staking and receipt of airdrops by a qualified custodian, and directs staking rewards after three years into the reserve. The bill prohibits BTC from being deposited into the state.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]