Arizona rejected “risky” cryptocurrency bills

Arizona Governor Katie Hobbs vetoed two cryptocurrency-related bills, calling them “too risky”.

The first rejected document proposed to create a reserve fund from confiscated digital assets. Hobbs noted that she has already signed a law allowing the state to use cryptocurrency without risking the main budget. According to her, market volatility makes such initiatives unsafe.

The second bill allowed government institutions to accept cryptocurrency as payment for fines. The governor stated that it is premature to link budgetary structures with “unstable assets.”

Previously, it also blocked a law that would allow the investment of up to 10% of state pension funds in cryptocurrency.

At the same time, Hobbs supported the initiative to tighten the requirements for crypto machines. Now operators are required to:

• warn about fraud risks;
• provide detailed receipts;
• set a limit of $2000 per day for new users;
• provide 24/7 support

The purpose of the changes is to protect vulnerable groups, including elderly citizens, from financial fraud. The law will come into effect after final ratification.

Recall that in Florida, authorities have halted the consideration of two legal acts that allow the investment of public funds in bitcoin.

In states such as Oklahoma, Montana, Pennsylvania, North and South Dakota, as well as Wyoming, attempts to create a strategic crypto reserve have also failed.

On May 6, New Hampshire became the first state to allow the government to invest in digital assets.