The governor of Arizona, Katie Hobbs, vetoed two bills linked to the crypto, the Senate Bill 1373 and the Senate 1024 bill, effectively blocking the state thrust to integrate digital assets into its public financial system.
However, the governor’s decision was accompanied by the signing of Bill 2387. This bill has regulations for cryptocurrency kiosk operators to improve consumer protection and fraud at the limit.
Governor Hobbs optics with two drafts of the Senate cryptography
Senator Mark Finchem sponsored the SB 1373. He proposed to establish a strategic reserve of digital assets to be managed by the Treasurer of the State.
The reserve would include appropriate funds and entered digital assets. The treasurer would be authorized to file assets in secure childcare solutions or negotiated products in exchange.
The bill also allowed the treasurer to invest up to 10% of the fund each year and to lend digital assets to generate yields, provided that the financial risks in the State are minimal.
However, Governor Hobbs rejected it, citing that a similar bill had already adopted. Last week, Beincrypto reported that Hobbs had signed HB 2749.
The bill allows the State to appropriate abandoned digital assets if the owner does not respond to communications within three years.
“The current volatility of the cryptocurrency markets does not make a cautious adjustment for the general funds. I have already signed legislation This session which allows the State to use the cryptocurrency without placing the general funds in danger, which is the responsible path, “said Hobbs.
This logic aligns with its anterior veto of SB 1025 on May 2. The bill proposed to create a Bitcoin strategic reserve in Arizona.
Meanwhile, SB 1024, sponsored by Senator Wendy Rogers and representative Jeff Weninger, aimed to allow state agencies to accept cryptocurrency for payments, including fines, taxes and costs.
This would have enabled agencies to conclude agreements with cryptocurrency service providers, establish transaction conditions and clarify the responsibility for paying payments. Again, the governor of Arizona opposed him to his veto.
“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 recognized that it always left the door open for too many risks,” said the letter of veto.
In particular, Hobbs veto 36 invoices on Monday. Nevertheless, an invoice of Crypto, HB 2387, obtained its approval. The bill obliges the cryptographic kiosk operators to provide clear disclosure in several languages, obtain an acknowledgment of receipt and issue detailed receipts after each transaction.
He calls for the use of blockchain analysis to help prevent fraud and operators to maintain a written anti-fraud policy. It also guarantees that live customer service is available 24/7.
The invoice sets transaction limits of $ 2,000 per day for new customers. In addition, it increases the limit of existing customers from $ 5,000 to $ 10,500.
In addition, operators are required to offer complete reimbursements for fraudulently induced transactions if they are reported within 30 days, subject to the verification of the police.
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