Arizona Governor Rejects ‘Risky’ Cryptocurrency Bills

Arizona Governor Katie Hobbs vetoed two cryptocurrency-related bills, labeling them as ‘too risky’.

The first rejected bill proposed the creation of a reserve fund from confiscated digital assets. Hobbs noted that she had already signed a law allowing the state to use cryptocurrency without risking the main budget. She stated that market volatility makes such initiatives unsafe.

The second bill would have allowed state agencies to accept cryptocurrency as payment for fines. The governor stated that linking budgetary structures with ‘unstable assets’ is premature.

Previously, she also blocked a law that would have allowed up to 10% of the state’s pension funds to be invested in cryptocurrency.

However, Hobbs supported an initiative tightening requirements for crypto ATMs. Operators are now required to:

• warn about fraud risks;
• provide detailed receipts;
• set a $2000 daily limit for new users;
• ensure 24/7 support.

The aim of these changes is to protect vulnerable groups, including the elderly, from financial scams. The law will take effect after final ratification.

Earlier in Florida, authorities halted consideration of two legal acts allowing state funds to be invested in Bitcoin.

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

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