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Veto on two cryptocurrency bill in the US state
Arizona Governor Katie Hobbs vetoed two cryptocurrency bills citing the volatile nature of the cryptocurrency market. On the same day, she approved a bill that imposes stricter regulations on companies operating physical kiosks where users can buy and sell cryptocurrencies with cash.
The first of the bills vetoed by Governor Hobbs was Senate Bill 1373, which proposed the creation of a strategic reserve from confiscated cryptocurrencies. In his veto letter, Hobbs stated, "During this legislative session, I have already approved a law that allows the use of cryptocurrencies without putting the state's general funds at risk."
The other bill vetoed by Governor Hobbs, SB 1024, aimed to allow state agencies to accept cryptocurrency as payment for fines and civil penalties. Hobbs stated that this practice carries too much risk and that the current volatility in the crypto market is not suitable for public funds.
On the other hand, Hobbs tightened regulations on cryptocurrency kiosks by approving the law named HB 2387. According to the new law, these kiosks will be required to make clear warnings against consumer fraud, have customers acknowledge the risks, and provide detailed receipts. The daily transaction limit for new customers will be $2,000, and providing 24/7 live customer support will become mandatory.
Published: May 13, 2025 12:25