Arizona Governor Vetoes Two Pro-Cryptocurrency Bills

It has been revealed that Arizona Governor Katie Hobbs vetoed two pro-cryptocurrency-related bills.

According to Decrypt on the 13th (local time), Katie Hobbs exercised her veto on bills SB1024 and SB1373. The bills respectively aimed to allow cryptocurrency payments for institutional fines and taxes (SB1024) and to establish a 'cryptocurrency strategic reserve' using seized cryptocurrencies (SB1373).

Governor Katie Hobbs stated in her veto letter that "the current volatility of cryptocurrencies is not suitable for general funds" and "there are still too many risks involved."

Previously, she also vetoed the 'Strategic Bitcoin (BTC) Reserve Bill (SB1025),' which would have allowed the state treasury and pension funds to invest up to 10% of their funds in cryptocurrencies.

On the other hand, Katie Hobbs allowed the regulatory bill HB 2387 related to cryptocurrency ATMs and kiosk operators. The bill includes provisions for displaying fraud warning messages and setting transaction limits.

However, the media noted that "although the pro-cryptocurrency bills were vetoed, the door to cryptocurrencies in Arizona is not yet closed," adding that she had previously approved bill HB2749, which allows cryptocurrencies to be included in Arizona's unclaimed property law. This bill allows the state government to hold cryptocurrencies without converting them to cash if the owner does not appear for an extended period.

Meanwhile, Arizona is the first state to pass the 'Bitcoin Strategic Reserve Bill' in both the House and Senate.