Arizona Governor Blocks Pro-Crypto Bills, Tightens Crypto ATM Rules

Arizona Governor Katie Hobbs has taken a firm and cautious step toward shaping the state’s future in crypto finance. On May 12, she rejected three bills supporting the government’s digital currency adoption. At the same time, she approved a new law that establishes strong rules for crypto ATMs. Her actions show that she supports careful use of crypto, but not at the risk of public funds or safety. Why The Three Proposed Crypto-Focused Bills Were Rejected The first vetoed bill, Senate Bill 1373, proposed using digital assets seized by the state to build a reserve fund. While it seemed like a smart way to manage resources, the governor pushed back. She felt that using volatile cryptocurrencies for a state reserve could endanger public finances. She explained that the state already has laws that allow some use of crypto without putting core financial resources at risk. Next was Senate Bill 1024. This bill would have let citizens pay fines and other cryptocurrency charges through third-party services. However, the governor still saw too much risk in the idea. Even with outside companies managing payments, she believed the arrangement did not provide strong enough protection for state agencies. Meanwhile, lawmakers from both political sides reportedly shared this view. Finally, Senate Bill 1095 aimed to ban the future use of central bank digital currencies in Arizona. Governor Hobbs believed that the law was unnecessary since no such currency exists yet in the U.S. She argued that it is too soon to legislate against something that does not yet pose a threat. Arizona Governor Green Light Stricter Rules for Crypto ATMs While rejecting those bills, Governor Hobbs approved House Bill 2387, a new law regulating cryptocurrency ATM operations. Like Nebraska’s new law, this bill aims to crackdown on fraudulent activity linked to crypto ATMs. It also promotes transparency by making operators follow clear rules and protects users. The new law requires crypto ATM operators to display fraud warnings in different languages and provide receipts with important details, like wallet addresses and transaction information. This will make it easier for users to track their transactions and prevent scams. Operators must also use special tools to check for suspicious activity at their ATMs. Arizona Limits Daily Crypto ATM Transactions House Bill 2387 sets strict limits on daily transactions. New users can only spend up to $2,000 daily, while regular users can spend up to $10,500. If a new user is scammed, the ATM operator must refund the full amount, including any fees. The law also requires ATM providers to offer 24/7 customer service and follow all federal anti-money laundering (AML) regulations. These efforts aim to make crypto transactions safer and more transparent for users. The post Arizona Governor Blocks Pro-Crypto Bills, Tightens Crypto ATM Rules appeared first on TheCoinrise.com .

Source: The Coin Rise