"High Risk" Declared in the US, Two Important Cryptocurrency Bills Rejected! - Coin Bulletin

Koinbulteni · 2025-05-13T14:34:52+00:00

Arizona Governor Katie Hobbs vetoed two bills that aimed to link the state's funds and institutions with cryptocurrencies due to market volatility. One bill intended to create a strategic reserve fund using seized crypto assets, and the other proposed accepting cryptocurrencies for penalties. Governor Hobbs highlighted the financial risks posed by the crypto market uncertainties as the reason for vetoing the bills. She did, however, approve a bill for creating a reserve fund with unclaimed crypto assets and implementing strict regulations for crypto kiosk operators to protect consumers from fraud.

Koinbulteni

2025-05-13 14:34:52

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Arizona Governor Katie Hobbs rejected two bills that would associate state funds and institutions with cryptocurrencies, citing the volatility of the cryptocurrency market as the reason.

Governor Hobbs drew a clear line against attempts to tie Arizona’s public funds and institutions to cryptocurrencies with the bills he vetoed on Monday. One of the rejected proposals, Senate Bill 1373, aimed to create a strategic reserve fund composed of seized crypto assets. However, Hobbs stated that the state already had the opportunity to evaluate its crypto assets due to a different law previously enacted, expressing that he did not find it appropriate to put general budget funds at risk due to the “current market volatility”.

The other law that the governor vetoed was the SB 1024 bill, which proposed that state agencies accept cryptocurrencies as a method of payment for penalties and administrative sanctions. The main reason for the rejection of this bill was the belief that the uncertainties brought by the cryptocurrency market could financially put government institutions at risk.

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Governor Hobbs is not completely negative about cryptocurrency. Last week, he approved the creation of a reserve fund consisting of unclaimed cryptocurrency assets with a law he signed. Additionally, another law accepted by Hobbs imposed strict regulations on cryptocurrency kiosk operators.

The new law requires crypto kiosks to clearly display fraud warnings for consumers, obtain confirmation from customers that they understand the risks, and provide detailed transaction receipts. In addition, it aims to protect all consumers, especially the elderly, from fraud by stipulating a daily limit of 2,000 dollars for first-time customers and providing 24/7 live support service.

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