Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs
Arizona Governor Katie Hobbs vetoed two cryptocurrency bills: Senate Bill 1373, which proposed a Digital Assets Strategic Reserve Fund, and Senate Bill 1025, the Arizona Strategic Bitcoin Reserve Act, which would have allowed investment of state funds in Bitcoin. Hobbs cited market volatility and risk to general fund dollars as reasons for the vetoes. She also rejected Senate Bill 1024, which would have allowed state agencies to accept cryptocurrency payments, deeming it too risky despite attempts to mitigate exposure to price fluctuations. Conversely, Hobbs approved House Bill 2387, introducing consumer protection regulations for Bitcoin ATMs. This bill requires kiosks to display warnings about scams, provide detailed transaction receipts, and cap daily transactions for new and returning users. It mandates 24/7 customer service and offers refunds for users tricked into fraudulent transactions. Additionally, House Bill 2749 was signed to update unclaimed property laws to include digital assets, allowing the state to retain unclaimed cryptocurrencies in their original form.
