Arizona Gov. Katie Hobbs on Monday rejected two crypto-related bills aimed at expanding the use of state digital assets, while quietly signing an enforceable measure regulating crypto ATMs.
It was in a rejected proposal Senate Bill 1373would have set up the Digital Asset Strategic Reserve Fund to retain the codes obtained through seizure or legislative budgets.
The bill did not allow the use of public funds to acquire digital assets, but proposed a framework for custody and management. Hobbs rejected it, citing market instability.
“Current volatility in the cryptocurrency market is not wise to the dollars of a common fund,” writes Hobbs. Rejection letter It was addressed to Senate President Warren Petersen.
Her veto continued last week’s veto Refusal of Senate Bill 1025the more prominent “Arizona Strategic Bitcoin Reserve Act” would have allowed up to 10% of the state’s financial and retirement funds to be allocated to Bitcoin or other digital assets.
SB 1373 deals with digital assets, but the state already owns or seized, while SB 1025 has committed to acquiring Bitcoin and other digital assets in open markets, including taxpayer-backed portfolios, including retirement savings.
This rejection made Arizona at least participate. 9 other states In accordance with Bitcoin law, the same Bitcoin Reserve Act has officially been blocked data.
On Monday, the Governor of Arizona also made the Knicks. Senate Bill 1024Arizona institutions could have accepted crypto payments for fines, taxes and fees through contracts with reviewed service providers.
Officials acknowledged the intention to isolate the state from the volatility of the bill, but said she “leaves the door open due to too many risks.” Rejection letter.
ATM regulations
The only cryptography law to get her signature was House Bill 2387detailed regulations on cryptographic kiosks and ATMs.
The new law requires kiosk operators to display multilingual fraud warnings, issue receipts with transaction hash and wallet addresses, and use blockchain analysis to avoid transferring funds to wallets flagged for fraud.
The total transaction for new customers is $2,000 per day and $10,500 for existing Crypto ATM customers.
Crypto ATM operators must provide live customer support 24/7 and document any transaction according to the invoice and comply with the Money Laundering Anti-Money Laundering Protocol.
Despite rejecting the core crypto-forward building for this session, Hobbs has not completely closed its doors on digital asset regulation.
Wednesday, the governor Signing House Bill 2749a notable move to update Arizona’s unclaimed property laws to include digital assets.
The bill, led by House Commerce Committee Chairman Jeff Weiningter, allows the state to retain unclaimed codes in its original form, rather than liquidate it with Fiat.
edit Sebastian Sinclair
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