Source: Cointelegraph
Original: “Arizona Governor Vetoes Two Cryptocurrency Bills and Strengthens Regulation on Bitcoin (BTC) ATMs”
Arizona Governor Katie Hobbs vetoed two key cryptocurrency bills that were intended to expand the state's involvement in the digital asset space, while she signed a strict regulatory measure for Bitcoin ATMs.
On May 12, Hobbs vetoed Senate Bill 1373, which aimed to establish a digital asset strategic reserve fund. This fund could have allowed Arizona to hold cryptocurrency assets obtained through law enforcement seizures or legislative appropriations.
"The current volatility of the cryptocurrency market is not suitable for prudent investments of state general fund money," she stated in her veto letter. "I have signed related legislation during this session that allows the state to utilize cryptocurrency without putting general fund money at risk," she added.
This decision came after she vetoed the more ambitious Senate Bill 1025—the "Arizona Strategic Bitcoin Reserve Act"—on May 3. This bill would have authorized investing up to 10% of the state treasury and retirement funds in Bitcoin and other digital assets.
According to data from bitcoinlaws.io, 26 states in the U.S. have proposed strategic crypto reserve bills, with 18 currently still actively advancing.
Hobbs also vetoed Senate Bill 1024, which would have allowed state government agencies to accept cryptocurrency payments for taxes, fines, and fees through approved service providers.
Although the proposal attempted to shield the state government from direct impacts of price volatility, Hobbs believed it still "introduced too much risk."
On May 12, Hobbs approved House Bill 2387, which introduces new consumer protection rules for cryptocurrency ATM operators, aimed at reducing fraud and increasing market transparency.
The bill requires ATMs to clearly display warnings about common cryptocurrency scams in multiple languages and mandates that users must confirm they understand these risks before completing a transaction. Operators must also provide detailed transaction receipts, including transaction data, contact information, fee details, and refund policies.
Additionally, the bill imposes transaction limits, with new users having a daily transaction cap of $2,000, while returning users who have used the service for more than 10 days have a daily limit of $10,500. ATM providers must offer a 24/7 free customer service hotline and prominently display the number on each machine.
According to the bill, if new users are tricked into sending cryptocurrency due to fraud, they will be entitled to a full refund, including all related fees, as long as they provide evidence of the report within 30 days.
According to the latest data from CoinATMRadar, Arizona currently operates 20 active Bitcoin ATMs.
Notably, Hobbs has not completely closed the door on the development of digital assets. On Wednesday, she signed House Bill 2749, which updates Arizona's unclaimed property law to formally include digital assets within its legal framework.
This new legislation allows the state to retain unclaimed cryptocurrency assets in their original form, rather than liquidating them into fiat currency.
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