Arizona rejects Bitcoin reserve plan, caps ATM use at $2K per day
Katie Hobbs, Arizona Governor, vetoed three significant crypto bills but backed tough consumer protection rules for Bitcoin ATMs.
Governor Hobbs (D-Arizona) denied Senate Bill 1373 on May 12 which would have established a Digital Assets Strategic Reserve Fund to store crypto that has been seized by law enforcement or allocated by appropriate governing bodies. Governor Hobbs stated the proposal presented it as risky due to volatility associated with crypto.
'Today, I vetoed Senate Bill 1373. Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars' reads the letter submitted to Senate President Warren Petersen.
On May 3, Hobbs denied the Arizona Strategic Bitcoin Reserve Act (SB 1025), which would allow the state to invest up to 10% of treasury and retirement fund investments in Bitcoin and other cryptocurrencies.
A third proposed bill was vetoed, Senate Bill 1024 which would allow state agencies to accept cryptocurrency as payment of taxes and fees.
While these investments were rejected, Hobbs did, however, approve House Bill 2387 on May 12, which placed new rules on crypto ATMs in Arizona.
The legislation requires kiosks to display clear, multilingual, and educational warnings about common crypto scams, and requires users to acknowledge those risks before doing transactions.
Operators must also provide detailed receipts - including transaction information, contact details, fees, and refund policy.
New users will now only be able to spend up to $2,000 on their first day, but returning customers will have limits of $10,500 after 10 days. In addition, users who fall victim to scams and report them within 30 days will get a full refund, including the fees charged.
Notably, Hobbs signed House Bill 2749 this week, updating Arizona's unclaimed property laws to include cryptocurrencies — allowing the state to hold unclaimed digital assets in their original format.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Senate Minority Leader Paul Lundeen resigns to take job with conservative nonprofit
Colorado Senate Minority Leader Paul Lundeen, a Monument Republican, listens to opening day proceedings on the first day of the 2025 session of the Colorado Legislature on Jan. 8, 2025, at the Colorado Capitol. (Lindsey Toomer/Colorado Newsline) Senate Minority Paul Lundeen announced Monday that he is resigning from the Legislature to join the leadership of a conservative nonprofit. His resignation is effective immediately. 'Serving Colorado has been an honor and blessing,' the Monument Republican said in a statement. 'I am grateful to the people of Senate District 9 for the opportunity to fight for policies that empower individuals, protect our communities, and promote prosperity. As I transition to a national platform, I am eager to continue advocating for personal freedom, economic opportunity, and common-sense conservative values.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX He will lead the American Excellence Foundation, an organization that awards grants to advance conservative public policy. Lundeen served as a state representative from 2015 to 2018 and as a senator since 2019. He is term-limited and could not seek re-election in 2026. Before his time in the Legislature, he served on the State Board of Education, including as chair for two years. He worked on an array of education-related policies while in office. The Senate Republican caucus will meet on Thursday evening to select a new minority leader. A vacancy committee of Republicans from Senate District 9 will also need to meet to select a replacement for Lundeen. In a statement, Gov. Jared Polis thanked Lundeen for his public service. 'Paul has always found ways to work across the aisle, and do what is best for the people he has served,' the Democrat wrote. 'We've often found common ground on the issues that matter most to Coloradans, like education, public safety and growing our economy. Senator Lundeen has spent decades in public service, in addition to his time leading small businesses, and his presence and leadership will be missed at the Capitol.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
15 minutes ago
- Yahoo
Two Illinois senators help introduce bill on gun industry negligence
WASHINGTON, D.C. (WTWO/WAWV)— Two Illinois Senators helped introduce a bill Monday that they believe will hold gun companies and sellers more liable in court. Senator Tammy Duckworth(D-IL) and U.S. Senate Democratic Whip Dick Durbin (D-IL) along with the help of many others including senators, U.S. Representatives, and and more than 80 members of congress introduced the bill Monday. The bill is entitled the Equal Justice for Victims of Gun Violence Act. They believe the bill will ensure victims of gun violence can get their day in court. It will also repeal the Protection of Lawful Commerce in Arms Act (PLCAA) that was passed by Congress in 2005. The PLCAA gives the gun industry a unique legal liability shield that protects manufacturers from lawsuits. They believe that repealing this will allow gun companies and gun sellers to face liability for acts of gun violence that threaten public safety. 'The needless gun violence that too many Illinoisans—and Americans across the country—experience is heartbreaking and not reflective of the kind of future my daughters or any of our young people deserve,' Duckworth said. 'That's why I'm proud to join my colleagues in introducing the Equal Access to Justice for Victims of Gun Violence Act, which will hold gun manufacturers accountable and bring justice to grieving families. I'll never stop working for commonsense gun safety reforms.' Congress originally stated that the reason for the PLCAA was that it was necessary to protect the gun industry from frivolous lawsuits. Due to this, though, the press release from the Senate states that numerous cases of gun violence victims around the nation have been dismissed based on the PLCAA, even when gun dealers acted in a way that would be negligent for other products. 'It's unconscionable that the gun industry is shielded from the consequences of negligent behavior that would result in liability if this were any other product,' said Durbin. 'Gun dealers and manufacturers do not deserve special treatment, and certainly not at the expense of the communities that are plagued by gun violence. By repealing this unjustifiable legal liability shield, this bill will allow victims of gun violence to seek justice and have their day in court.' The legislation is endorsed by Brady, GIFFORDS Law Center, Everytown for Gun Safety, March for Our Lives, Guns Down America, Newtown Action Alliance, and Sandy Hook Promise Action Fund. For full wording of the bill, you can click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17 minutes ago
- Yahoo
Was Jim Cramer Right About Preferring Bitcoin Over Riot Platforms (RIOT)?
We recently published a list of . In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other stocks that Jim Cramer discusses. When asked whether Riot Platforms, Inc. (NASDAQ:RIOT) was worth buying amid a dip in Bitcoin miners, Cramer dismissed the idea entirely. He made clear in that older episode that he preferred simpler exposure to crypto: 'If we're going to be in that, we're just going to go buy Bitcoin or go buy Ethereum. Either one is fine with me.' Great call. The bitcoin miner is down -6.42% since while Bitcoin has risen significantly since then. Riot Platforms Inc. (NASDAQ:RIOT) is a Bitcoin mining company that operates large-scale data centers powered by renewable energy sources to mine and secure the Bitcoin blockchain. A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency. Cramer remains sceptical about Bitcoin miners. Here's what he said about the stock on January 3: 'Okay, well, Riot Platforms, I have to go to my chief scientist Ben Stoto on that. He points out that it's a Bitcoin miner and can you get a better business than mining Bitcoin?' Overall, RIOT ranks 11th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
