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$BTC GetBlock Magazine - What happened? Arizona Governor Katie Hobbs vetoed two cryptocurrency bills that could have expanded the use of digital assets in the state, and also signed a law tightening the regulation of crypto kiosks.
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What else is known? Among the rejected proposals was Senate Bill 1373, which proposed the creation of a strategic reserve fund for digital assets.
It did not allow the use of state funds to purchase cryptocurrencies but proposed a framework for storing and managing them. The reserve was to be formed from assets seized by law enforcement. Hobbs rejected it, citing market instability.
Her veto followed the rejection last week of Senate Bill 1025, better known as the 'Arizona Bitcoin Strategic Reserve Act,' which would have allowed up to 10% of funds from state treasury and pension funds to be directed into bitcoin or other digital assets.
According to Bitcoin Laws, with this rejection, Arizona joined at least eight other states that have officially blocked similar legislation to create a bitcoin reserve. Among them are Wyoming, Oklahoma, Montana, Florida, North Dakota, New Mexico, Pennsylvania, and South Dakota.
Hobbs also rejected Senate Bill 1024, which would have allowed Arizona institutions to accept cryptocurrency payments for fines, taxes, and fees in partnership with vetted service providers.
The only cryptocurrency bill she signed was document number 2387, which specifically regulates the operation of crypto kiosks and ATMs.
It requires operators to place fraud warnings in multiple languages, issue receipts with transaction hashes and wallet addresses, and use blockchain analytics tools to avoid transferring funds to fraudulent wallets.
