Arizona rejects Bitcoin reserve laws and approves protective measures for crypto monetary machines

Arizona's latest attempt to integrate digital assets into his public financial system had mixed results this week.

Governor Katie Hobbs has rejected two much-noticed legal templates to expand the use of cryptocurrencies in the state, while she has approved a template for consumer protection on crypto kiosks.

One of the rejected proposals, SB 1373, provided for the creation of a strategic reserve for digital assets, which should be managed by the state finance minister and should enable limited investments and loans from confiscated or assigned crypto assets. Governor Hobbs rejected the draft law on the grounds that similar provisions had already been passed within the framework of HB 2749, according to which the state cannot claim cryptocurrencies that were not claimed after three years of inactivity.

A second draft law, SB 1024, would have made it possible for state authorities to accept crypto payments for taxes and fees. Hobbs argued that the proposal, despite the cross -party interest, did not find the financial risk sufficiently less.

In contrast, she signed HB 2387, a draft law that provides stricter regulations for operators of crypto kiosks. According to the new regulations, operators must provide multilingual information, issue receipts, take measures to combat fraud and ensure customer support around the clock. The law also sets daily transaction limits and guarantees reimbursements for proven fraudulent transactions.

Even though Arizona will not introduce a state-managed crypto reserves in the near future, the adoption of HB 2387 is a step towards regulating cryptodes for consumers.