On May 12, the governor of Arizona, Katie Hobbs, rejected three convivial bills, the bills of the Senate 1373, 1024 and 1095.
The bills aimed to extend the role of the government in the adoption of digital assets while opposing the digital currencies of the Central Bank (CBDC).
At the same time, the governor signed a new law, the bill of Chamber 2387, which introduces more strict rules for Atmptographic Atm operations in the State.
The movements reflect the governor’s cautious approach to integrate digital assets into the regulatory landscape of the State.
Why Hobbs blocked Pro-Crypto measures
Senate bill 1373Who proposed to use confiscated digital assets to finance a reserve account, was rejected for the concerns about the exposure of state finances to volatile assets.
Hobbs stressed that current laws allow limited use of these funds without risking the general fund.
According to her:
“Current volatility in the cryptocurrency markets does not make a cautious adjustment for the general funds. I have already signed the legislation This session which allows the State to use the cryptocurrency without placing the general funds in danger, which is the responsible path to follow. ”
The governor also blocked the Senate bill 1024This would have enabled cryptographic payments for fines and other costs imposed by the State.
Although the bill included third -party payment providers as intermediaries, Hobbs argued that the measure still left the vulnerable state.
She stressed that the legislators of the two parties shared this concern, noting that:
“Although this bill would allow the State agencies to conclude agreements to protect the State against the risks associated with cryptocurrency, legislators on both sides of the aisle have recognized that it always leaves the door open to too many risks.”
On the question of CBDC, Hobbs opposed his veto to the Senate bill 1095which aimed to prohibit their use in a preventive manner.
The governor rejected the bill as useless, noting that no digital currency currently exists in the United States.
Cryptographic ATM regulations
Despite the Vetos, Governor Hobbs signed House Bill 2387,, Establish clear rules for ATM operations of state cryptography.
The legislation obliges kiosk operators to display multilingual fraud alerts, to issue receipts with portfolio addresses and to provide transaction hash. ATM operators must also deploy blockchain analyzes to identify suspicious activity involving their machines.
The law also limits daily transactions in cryptographic kiosks at $ 2,000 for new customers and $ 10,500 for existing kiosks. Meanwhile, the bill noted:
“If a new customer as defined in paragraph L, paragraph 7 of this section has been fraudulently encouraged to engage in a transaction of cryptocurrency kiosk, the operator of the cryptocurrency kiosk must issue a full refund for the fraudulently induced transaction by the cryptocurrency kiosk, including the costs billed in association.”
In addition, operators must offer 24-hour customer service and maintain full compliance with the anti-money laundering requirements (LMA).
