Key dealers
- Two crypto suggestions, Senat Bill 1373 and Senate Bill 1024, are dead after the governor’s action.
- A budget-neutral strategy in House Bill 2749 was favored by Hobbs to handle Bitcoin reserves through AirDrops and investment.
Arizona Governor Katie Hobbs on Monday Veto against Senate Bill 1373 (SB1373), who suggested to set up a strategic reserve fund for digital assets to manage and invest in state digital assets, according to the state Bill system.
SB1373 was introduced in February, would have approved the state to handle crypto assets obtained through seizures or legislative grants, with specific provisions for custody, investment and lending.
During proposed legislationThe Treasury would have allowed to invest up to 10% of the Fund’s total deposits during a financial year.
In her Veteer letter To the Senate President Warren Petersen, who was first obtained by Decrypt, cited Governor Hobb’s ongoing volatility in crypto markets as an important reason for rejecting the bill.
She also noted that during the session she had already signed legislation that enabled the state to get involved with digital assets in ways that do not put the taxpayers’ funds at risk.
The bill Hobbs referred to is House Bill 2749 (HB2749), which is set to establish a reserve fund for Bitcoin and other digital assets acquired through AirDrops, betting rewards and interest rates. She signed it in law May 7th.
Dennis Porter, CEO of Satoshi Action Fund, previously noted that Hobbs favored HB2749 over other crypto -related proposals due to its budget -neutral structure.
Also on Monday, Hobbs Veto against Senate Bill 1024 (SB1024), which would have enabled state authorities to accept crypto payments for taxes, fines, fees, rents and penalties.
“Today I veto the Senate proposal 1024. While this bill would enable state authorities to enter into agreements to protect the state from risks associated with Cryptocurrency, legislators on both sides of the hallway admitted that it still leaves the door open too much risk,” Hobbs said in her Vete communication.
These decisions follow her before Refusal of Senate Bill 1025 (SB1025), who tried to approve government officials to invest up to 10% of the Treasury and pension assets in digital assets.
At least one action did it on Monday. House Bill 2387 (HB2387), which establishes consumer protection rules for cryptocios (ATM) in Arizona, successfully ensured the governor’s nod.
According to the new law, the operators are required to provide fraud, detailed transaction receipts and 24/7 customer support.
It also sets daily transaction limits of $ 2,000 for new customers and $ 10,500 for existing ones, while requireing the use of blockchain analysis to block known fraud walks.
