A new state law takes two big steps on cryptocurrency, including making Arizona the second state in the U.S. to create a reserve fund for virtual currency.

State of play: Gov. Katie Hobbs on May 7 signed legislation updating Arizona's unclaimed property laws for cryptocurrency and creating the Bitcoin and Digital Assets Reserve Fund.

• Under current laws, abandoned assets like stocks are transferred to the state in their "native" form, but cryptocurrency that goes unclaimed for three years is liquidated.
• The new law will require the state to hold digital assets for that same time before they're sold.
• Interest-type returns that investors can earn on cryptocurrency, like staking rewards and airdrops, will go into the reserve fund in their digital form. Once there, the state treasurer can seek legislative approval to deposit 10% of the money from the reserve into the state's general fund.

Why it matters: Arizona investors who claimed the money from their abandoned assets have lost out in the past because the value of their crypto increased after it was sold.

Context: Bill sponsor Rep. Jeff Weninger (R-Chandler) noted that Bitcoin was worth about $16,000 two years ago, but is now valued at more than $100,000.

• Yes, but: It's unclear how much the state receives in unclaimed crypto assets per year.

What they're saying: Weninger believes the law to be the nation's first of its kind and said in a press statement that "we are modernizing our laws to reflect crypto's position as the future of finance and ensuring Arizonans receive the full market value of their assets."

Zoom out: Two days before Hobbs signed the legislation, Republican New Hampshire Gov. Kelly Ayotte signed a bill making hers the first state to create a state crypto reserve.

• It goes much further than the Arizona bill, allowing New Hampshire to invest up to 5% of state funds in digital assets and precious metals, though it doesn't require investments.

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As Phoenix parents face expensive child care options, new polling suggests cash incentives alone aren't enough to change minds about having kids.

Why it matters: The Trump administration has floated a $5,000 "baby bonus" to boost births, but just 4% of adults on the fence about parenthood nationwide say that money would sway them, per a new BabyCenter poll shared with Axios.

The intrigue: 9% of respondents said it would take at least $10,000 to persuade them to have kids, and 30% said it would take more than $25,000.

Zoom in: The average Arizona family spends about $24,000 per year on child-rearing, per a recent Lending Tree study.

• The proposed $5,000 "bonus" would be enough to cover a single year's health insurance premiums, according to the data.
• Infant day care alone tops $14,000 annually for the average Arizona family.

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Arizona Diamondbacks mascot Baxter the Bobcat has been crowned the sexiest mascot in the MLB in what we can only assume is a highly scientific new analysis by BetUS.

How it works: The sports betting company rated mascots by personality, color attractiveness, social media followings and other admittedly subjective categories.

• Baxter came out on top for being extroverted, his strong Instagram following and red jersey (the most attractive color, per the company).

💭 Our thought bubble: After a review of Baxter's glamour shots, we see why he earned this title.