Arizona's recent legislative moves on cryptocurrency have sparked discussions nationwide. Governor Katie Hobbs vetoed several crypto-related bills but approved regulations for Bitcoin ATMs, marking a significant moment for crypto governance in the state.
The Vetoed Bills
- Senate Bill 1373: Aimed to establish a Digital Assets Strategic Reserve Fund. Governor Hobbs cited "volatility in cryptocurrency markets" as the primary reason for the veto.
- Senate Bill 1025: Proposed investing up to 10% of the state's treasury and retirement funds into cryptocurrency.
- Senate Bill 1024: Sought to allow cryptocurrency payments for taxes, fines, and fees.
Bitcoin ATM Regulations
The approved bill introduces strict regulations for Bitcoin ATMs, including:
- Multilingual warnings about potential scams.
- A daily cap of $2,000 for new customers and $10,500 for returning customers.
- A refund policy for new users scammed within 30 days, covering all fees.
This move reflects a cautious yet progressive approach towards cryptocurrency regulation, balancing innovation with consumer protection.
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