Arizona Governor Katie Hobbes Veto Legal projects related to encrypted currencies approved by the state legislative council, noting concerns about the financial risks involved in combining digital assets with state operations.
The decision reflects a cautious approach to the ruler towards digital assets despite the increasing legislative interest in encryption initiatives. Both procedures had expanded the role of the cryptocurrency within the financial mechanisms of the state, but it was finally banned because of what Hobbes Described As a “great danger”.
Detailed encryption bills rejected
The first draft law, the Senate Law 1373, has established a strategic reserve fund of encrypted currencies. Although this fund will not directly share taxpayer money, it has been raised Fears For the duty to link the state’s financial infrastructure to the volatile assets category.
In her cassation message, the ruler admitted using encryption in state operations, but stressed that “the current fluctuations” in the digital asset market makes it inappropriate to plan the reserve funds.
Earlier this legislative session, Hobbes did Remarkable The Parliament’s Bill 2749 in the Law, which allows the establishment of a backup fund of non -demanded encryption assets, but with clear restrictions on legislative censorship.
Gov. Hobbs HB 2749 – ARIZONA Bitcoin & Digital ASSTETS box, funded only by Crypto. Released signals with the state -controlled BTC and can raise SB 1373 opportunities. The state level $ BTC Awards reserves #Bitcoin #Arizona #Strategicreservies https://t.co/zogipw5vq
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In addition to SB 1373, Governor Hobbs also rejected the Senate Bill 1024, which would have allowed Arizona state agencies to accept the digital currency as a form of payment for fines and civil penalties.
The veto (the veto (cash rights (the risks of enabling government institutions to work directly within the ecosystem for encryption, a point of view that witnessed some recognition between the two parties between the legislators.
The SB 1024 rejection follows a similar veto earlier in the month of SB 1025, which would have allowed the fund’s secretary to retire in Arizona to allocate up to 10 % of its portfolios in digital currencies.
Consumer protection measures win approval amid the regulatory balance law
While Governor Hobbes has prevented wider adoption efforts, she has shown support for encryption that aims to protect consumers. Last week, the Law of the Law of the Law 2387 in the law, which imposes a set of requirements on the encrypted currency booth operators.
Under HB 2387, kiosks must display warnings to consumers about fraud, collect customer risk recognition data, provide transactions receipts, and impose a daily treatment cover of $ 2000 for new users.
In addition, the two operators must maintain customer service around the clock throughout the week to help users and reduce misuse, which is an element designed to protect the population at risk, especially the elderly.
Mislassive decisions highlight a regulatory position size by the governor of Arizona state: supporting the supervision of protection, but it is hesitant to adopt the dependence of encryption at the state level. Arizona’s approach reflects the trends in the other United States that wrestles with the balance between innovation and exposure to public sector risks.
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