Crypto Reserve and Payment Plans Rejected

On May 12, Governor Hobbs vetoed Senate Bill 1373, which proposed the establishment of a “Digital Assets Strategic Reserve Fund.” This fund would have allowed the state to hold crypto assets acquired through seizures or legislative allocations.

In her veto statement, Hobbs said, “Current volatility in cryptocurrency markets does not provide a healthy investment ground for general fund resources.” She also noted that she had already signed a regulation enabling the state to utilize cryptocurrencies without posing a direct risk to the budget.

This decision followed her earlier veto of another bill on May 3. Senate Bill 1025 had proposed investing up to 10% of the state’s treasury and retirement funds in Bitcoin and other digital assets.

Additionally, Hobbs also rejected Senate Bill 1024. This bill would have allowed state agencies to accept cryptocurrency payments for taxes, fines, and fees through approved providers. Although the bill included measures to protect against volatility, Hobbs explained that she still considered it “too risky.”

New Rules for Bitcoin ATMs

On the same day, Hobbs signed House Bill 2387 into law, introducing new rules for Bitcoin ATMs (crypto kiosks). This law aims to prevent fraud and enhance user safety with several key provisions.

According to the new rules:

• Kiosks must display multilingual fraud warnings, and users must acknowledge these risks before completing a transaction.

• Receipts given to users must include transaction details, contact information, transaction fees, and refund policies.

• New users are limited to daily transactions of $2,000, which can increase to $10,500 after 10 days.

• ATM operators are required to provide a 24/7 toll-free customer service line and visibly display the number on each machine.

The law also mandates that new users who fall victim to scams and report the incident with valid proof within 30 days must receive a full refund, including transaction fees.

Crypto Not Entirely Off the Table

Although Hobbs has largely rolled back crypto-related laws, she hasn’t entirely closed the door on digital assets. Last Wednesday, she signed House Bill 2749, which updates Arizona’s unclaimed property laws to include digital assets.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Arizona Governor Hobbs Vetoes Reserve Bills and Controls on Bitcoin ATMs appeared first on Coin Engineer.