The vetoed HB 2324 outlined the provision for the State Treasurer to form the Bitcoin and Digital Assets Reserve Fund, which would manage the crypto assets acquired via criminal forfeiture. With the governor’s consent, the state would have been able to invest, reinvest, and divest funds in crypto assets or exchange-traded funds that include digital assets.

In May, Arizona implemented HB 2749, thereby becoming the second U.S. state to enact a crypto reserve bill into law, following New Hampshire. While HB 2749 concentrates on unclaimed cryptocurrencies deemed as abandoned, the now-rejected HB 2324 was specifically designed for crypto assets acquired through forfeiture.

Apart from these, Arizona is contemplating various other laws concerning crypto, such as HB 2387, which intends to regulate operators of cryptocurrency kiosks.

Disclaimer: The Block is a stand-alone media entity delivering news, research, and data. Foresight Ventures, a major investor in The Block as of November 2023, also invests in other crypto companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block operates independently, providing objective, impactful, and timely crypto industry information. This article is purely informational and should not be used as legal, tax, investment, financial, or other advice.

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Senate Bill 1373 was among the disputed bills. The bill proposed the creation of a strategic reserve fund from confiscated crypto assets. However, Governor Hobbs vetoed it. She stated in her veto letter that she has already endorsed legislation in the current session permitting the state’s interaction with cryptocurrencies without jeopardizing the general fund.

Hobbs pointed out that the “current volatility” of cryptocurrency markets does not make them a suitable fit for general fund dollars. Aside from the vetoed bills, the Governor recently signed House Bill 2749 into law, which sets up a reserve fund for unclaimed digital assets that can be accessed for future use with legislative approval.

SB 1024 was another vetoed bill. The bill proposed to allow state agencies to accept cryptocurrency as a form of payment for fines or civil penalties. Governor Hobbs rejected this bill as well, citing the “high risk” associated with tying state agencies to digital currencies. This concern was recognized by lawmakers from both political spectrums.

Earlier this month, Hobbs vetoed SB 1025, which would have permitted the state’s treasurer and retirement systems to invest up to 10% of their funds in digital assets. On the other hand, Hobbs approved HB 2387, which imposes strict risk-disclosure requirements for crypto kiosk operators.

HB 2387 mandates that crypto kiosks provide clear warnings about consumer fraud, obtain customer acknowledgment of risks, and provide detailed transaction receipts. It also sets a daily transaction limit of $2,000 for new customers and requires 24-7 live customer service. This is aimed at preventing scams, especially those targeting the elderly.

Disclaimer: The Block is an independent media outlet providing news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, also invests in other crypto-related companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. This article is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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A pattern familiar to many crypto analysts appeared in Bitcoin’s price rebound after the post-coronavirus sell-off. Major players in the Bitcoin market seem to be drawing parallels between the present situation and the period when former President Trump started pressuring Fed Chair Jerome Powell for interest rate cuts.

The last time this happened, Bitcoin’s market price ballooned 12-fold in 24 months. This translates to an average annualized ROI of 550% from 2019 to 2021, dwarfing the S&P 500 Index’s average yearly ROI of 10% since 1957.

Given this, it’s no surprise that institutions are highly optimistic about Bitcoin. Even EuroPac’s Peter Schiff, a notorious critic of Bitcoin, has had a change of heart, promising never to sell any Bitcoin donated to him.

Below are four reasons why Bitcoin’s future looks promising in May:

1. Wall Street’s Bitcoin ETFs saw an insatiable appetite in April. In fact, Bitcoin ETFs recorded nearly $4 billion on 8 consecutive days of inflows. This surge was driven by institutional investors, signaling a strong demand.

2. Semler Scientific, a healthcare tech company, purchased 165 BTC for around $15.7 million. This follows the trend of corporations stockpiling Bitcoin, limiting the supply available on exchanges and pushing the price up further.

3. Arizona has moved to establish a state Bitcoin reserve, following the White House’s initiative to establish a national reserve. This is the first state legislative approval to establish a BTC reserve, potentially sparking a trend in other states.

4. Bitcoin whales have been on a buying spree, purchasing $4 billion in the last two weeks of April. This strong support from both Wall Street institutional buyers and Internet retail buyers bodes well for Bitcoin’s future.

The post Bitcoin Showing Positive Signals in May: $100K on the Horizon appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In a letter elucidating her veto, Hobbs, a Democrat, stated, “The Arizona State Retirement System is ranked among the nation’s top due to its prudent and well-informed investment strategies. The state’s retirement funds are not the platform to experiment with untested investments such as digital currency.”

The bill had bipartisan support, with two Republican State Legislature members co-sponsoring it, and both the Republican-led state Senate and House of Representatives approving it on April 26. Hobbs, however, had previously made it known that she wouldn’t sanction any new legislation until a bipartisan funding solution, which safeguards healthcare for Arizonans with disabilities, was passed by the state legislature.

Hobbs’ veto has drawn criticism from influential figures in the Bitcoin community on X. Bitcoin Magazine CEO David Bailey responded, “Impeach Katie Hobbs, she just let down Arizona.”

Other states, notably Iowa, Missouri, and Texas, are contemplating their own bitcoin strategic reserve bills, although none have been enacted into law at this point.

The Block is an independent news outlet that delivers comprehensive news, research, and data about the crypto industry. As of November 2023, Foresight Ventures is a majority investor of The Block, and it also invests in various other crypto-related ventures. Crypto exchange Bitget is a major LP for Foresight Ventures. Despite this, The Block maintains its independence to deliver unbiased, impactful, and timely insights about the crypto industry.

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