The governor of Arizona, Katie Hobbs, vetoed two bills linked to cryptos intended to increase the use of digital assets by the State, while simultaneously approving a strict law focused on the regulation of automatic cryptocurrencies.
In short
- The governor of Arizona Hobbs opposed two Crypto bills due to concerns about market volatility.
- Hobbs approved Bill 2387 of the Chamber, regulating automatic crypto distributors with limits and protections against fraud.
- The prudent approach of Arizona contrasts with the adoption of cryptocurrencies by Dubai for government payments.
Governor Hobbs opposes her veto to bills on the crypto reserve and payments due to the risks
Among the rejected proposals is the Senate 1373 bill, which would have created a strategic reserve for reserve of digital assets. This fund was intended to allow the State to hold and manage the cryptocurrencies obtained through seizures of assets or legislative allowances.
Katie Hobbs said In his veto letter to the president of the Senate Warren Petersen that the current volatility of the markets of the cryptocurrencies makes it an imprudent choice for the general funds. She added that she had already signed legislation This session allowing the State to use cryptocurrencies without endangering the general funds.
This recent development follows its rejection of the Senate bill 1025, the Bitcoin Strategic Reserve Act of Arizona. The project would have enabled the State to invest up to 10 % of its cash and retirement funds in Bitcoin or other cryptocurrencies. Stephen Cole, co -founder of Orqestr, expressed His disappointment, declaring that he was saddened to learn that Governor Katie Hobbs had opposed her veto to the Bitcoin reserve of Arizona, SB1025.
According to data from Bitcoin Laws, While 26 American states have introduced strategic bills on the Crypto reserve, 18 others are still underway. By rejecting this bill, Arizona has joined the list of other American states that have formally blocked similar legislation.
In addition, Arizona’s governor has also rejected the Senate bill 1024. This project aimed to allow state agencies to accept cryptocurrencies such as payment for taxes, fines and government service costs, using approved payment processors.
The project included protections to limit state exposure to crypto prices fluctuations, probably demanding that service providers immediately convert crypto to dollars. However, Hobbs estimated that this approach had too much uncertainties and potential drawbacks, which prompted her to decide not to go ahead.
Hobbs wrote:
Today, I have opposed my veto to the Senate bill 1024. Although this project allows state agencies to conclude agreements to protect the state from the risks associated with cryptocurrency, the legislators of the two parties recognized that it still left the door open to too many risks.
The law adopted on Crypto distributors aims to protect consumers
The only bill on cryptocurrencies to have received the approval from Hobbs was Bill 2387 of the Chamber, which establishes strict rules for the exploitation of automatic crypto kiosks and distributors. This bill was created in order to reduce fraud while improving transparency.
The text fixes daily limits for the use of Crypto kiosks, with a restriction at $ 2,000 per day for new users, and up to $ 10,500 per day after 10 days for recurring users. It also requires that kiosk operators provide free customer support 24/7 and clearly display the telephone number on each device.
In addition, kiosks must display clear warnings in several languages concerning current crypto scams and make users confirm that they include risks before a transaction is finalized. It also stipulates that operators must provide detailed receipts, listing the details of the transaction, contact details, costs and reimbursement conditions.
On May 7, Hobbs also approved Bill 2749 of the Chamber, which updated the laws on the non -claimed goods of Arizona to include digital assets. While her recent vetos show a cautious approach, this approval suggests that she does not entirely deviate from the role of cryptocurrencies in state policy. The text allows the state to keep the crypto not claimed in their original form, rather than converting them into traditional currency.
Arizona against Dubai: contrasting global approaches to the adoption of cryptocurrencies
While the government of Arizona rejects the idea of using digital assets, the Dubai Department of Finance (DOF), on the other hand, sign A memorandum of understanding (Mou) with Crypto.com to allow payment of government service costs in cryptocurrencies.
This partnership helps Dubai to progress to a company without liquid money by making transactions in crypto sure and simple. It allows the government to add a new digital payment option for services, facilitating and securing payment via Stablecoins.
We can thus say that Arizona's priority on regulations aims to protect consumers and minimize risks, while the adoption of cryptocurrency in Dubai shows how digital assets can support innovation. These two approaches illustrate the different paths that countries can take to develop crypto policies responsible and tour to the future.
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