A Szizzling Take on Arizona's Crypto Shenanigans 🌵🔥
The Lowdown
- Arizona's stern governor, Katie Hobbs, put the kibosh on two crypto-centric bills, leaving the state's virtual asset ventures hanging in the balance.
- Apart from signing a stringent law controlling crypto ATMs, Hobbs shot down Senate Bill 1373, aimed at constructing a Digital Assets Strategic Reserve Fund, due to the grand unpredictability of crypto markets.
- The big daddy, Senate Bill 1025, also bit the dust. It proposed diverting as much as 10% of the state treasury and retirement funds into Bitcoin or other digital assets, sending taxpayer-funded portfolios gallivanting in the wild world of digital currencies.
- In a surprising twist, Governor Hobbs spared Senate Bill 1024, denying Arizona agencies the convenience of collecting crypto payments for fines, taxes, and fees through third-party service providers — likely to their chagrin.
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Arizona Governor Vetoes Two Cryptocurrency Measures, Approves One Aiming at ATM Scams
Senate Bill 1373, a sly creature of legislature, would've established a clandestine Digital Assets Strategic Reserve Fund to snatch crypto seized by law enforcement or allocated through appropriations. Though it didn't befoul the treasury with public funds to acquire digital assets, it paved the way for custody and management. But, like a sudden bear market, Hobbs nixed it, declaring unstable crypto markets an ill-fit for general budget dough.
"I'm sorry, Charlie, but this volatility isn't for cowboys like me. This Ain't no poker game where we can afford to lose our shirts," quipped Hobbs in her veto letter to Senate President Warren Petersen.
The previous week, she flicked aside Senate Bill 1025, the more fabled "Arizona Strategic Bitcoin Reserve Act." This bad boy intended to snag up to 10% of the state treasury and pension assets for Bitcoin, but the bill couldn't charm Hobbs. Along with 9 other states, Arizona now slams its doors on similar Bitcoin reserve bills, as per Bitcoin Laws data.
Senate Bill 1024, another powwow proposal, sought to enable Arizona agencies to accept crypto payments for fines, taxes, and fees through verified service providers — an attempt to secure the state from the instability of crypto. Despite understanding the bill's noble intentions, the renegade sheriff wasn't satisfied, describing it as leaving "the door wide open for too many risks" in her veto letter.
Chewing the Fat about Crypto ATMs
Crypto payment systems for taxes, fines, and fees were denied to Arizona agencies due to the governor's concerns.In the governor's veto letter for Senate Bill 1373, she expressed her skepticism about the volatility of crypto markets.The "Arizona Strategic Bitcoin Reserve Act," also known as Senate Bill 1025, aimed to invest funds in Bitcoin but was vetoed.Senate Bill 1024 proposed accepting digital assets as payment for state fees through verified service providers, but the proposal was rejected by the governor.Bitcoin and cryptocurrency investments and payment systems continue to be topics of debate in Arizona politics, as shown by the vetoes of recent bills.
