The Governor of Arizona vetoed the bill envisaging the establishment of a crypto reserve fund
The HB 2324 bill, which envisages the creation of a reserve fund connected to the state treasury with crypto currencies in Arizona, was veto by Governor Katie Hobbs. The bill was rejected on the grounds that local authorities would reduce the cooperation.
The reserve fund planned to be installed with crypto currencies in Arizona was vetoed
Arizona Governor Katie Hobbs vetoed the draft law on Tuesday, which foresees the creation of a “Bitcoin and Digital Assets Reserve Fund” with the House Bill 2324 (HB 2324) (HB 2324).
The bill was adopted last week with 22 votes against 34 votes in the House of Representatives. However, Hobbs used the following statements in the veto letter:
“This law eliminates the encouragement of law enforcement officers to cooperate with the state, envisaging that the seized digital assets be taken from local governments.”
The HB 2324 allowed the reserve fund to be established under the Arizona Treasury Ministry of Treasury to manage, invest and evaluate them through digital asset ETFs. If the bill was enacted, the state would have been able to actively manage digital asset reserves.
Crypto legal arrangements continue in Arizona In May, Arizona adopted another crypto law, HB 2749, and became the second state that enacted the crypto reserve fund law after New Hampshire. However, this law was targeting abandoned and unattended crypto assets. The vetoed HB 2324 were directly confiscated by judicial ways.
Arizona Province continues to work for more regulation in the field of crypto. Another important bill on the agenda SB 1062 envisions that crypto currencies will be included in the definition of “legal payment tools”.
