Arizona Governor Katie Hobbs Vetoes Two Crypto Bills
Arizona Governor Katie Hobbs, who approved a bill last week that would establish a tax-free fund consisting of abandoned Bitcoin (BTC) and cryptocurrencies, has vetoed two crypto bills.
Accordingly, the Governor of Arizona vetoed two crypto bills, citing the volatile nature of the cryptocurrency market.
On the same day, the governor also approved a bill requiring stricter rules for cryptocurrency kiosk providers.
One of the bills Hobbs rejected was Senate Bill 1373, which aimed to create a strategic reserve fund from seized crypto assets.
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The other bill that Governor Hobbs vetoed was SB 1024, which would have allowed state agencies to accept cryptocurrency as payment for fines and civil penalties.
Governor Hobbs argued in his statement that these two bills carry too much risk and that the current volatility of cryptocurrencies is not suitable for public funds.
“I have already signed a bill this legislative session that allows a state to use cryptocurrency without risking its general funds. I think the current volatility in the crypto market is not suitable for the funds.”
Arizona Governor Katie Hobbs earlier this month vetoed SB 1025, a bill that would have allowed the state treasury and pension systems to invest up to 10% of their funds in crypto assets.
*This is not investment advice.
