- Governor Hobbs vetoed key cryptocurrency bills while approving ATM regulations.
- Legislative measures impact state cryptocurrency involvement.
- Potential implications for market regulation and digital currency policies.
Arizona Governor Katie Hobbs has vetoed two major cryptocurrency bills while signing a law targeting ATM fraud, reaffirming her cautious stance on digital assets.
Legislative Details
The vetoed bills included Senate Bill 1373, which aimed to establish a Digital Assets Strategic Reserve Fund. This fund could have directed up to 10% of state funds into crypto investments. Additionally, House Bill 2749, now signed, allows retaining unclaimed digital assets in their original state.
Immediate Impact
Immediate effects include halted investments in cryptocurrencies like Bitcoin and Ethereum at the state level. The signed legislation imposes stricter controls on ATM operations, safeguarding users from fraud with transaction limits and AML compliance.
The financial landscape remains unchanged due to the vetoes, preventing potential government involvement in crypto markets. No shifts in on-chain data or liquidity were observed related to Arizona’s legislature.
“The responsible path to take.” – Governor Katie Hobbs, Arizona Governor, Binance
Regulatory Caution
These actions spotlight regulatory caution, aligning with other U.S. states stepping back from state-funded crypto reserves. Experts continue monitoring for future legislative shifts that may impact crypto adoption.
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