Bitcoin’s third budget bill, which was rejected by the governor of Arizona State star-news.press/wp

Arizona governor rejected a recently revived bill that would create the Bitcoin Reserve (BTC), which consists of seized digital assets. Legislation has become the third purpose bill that the ruler rejects this session.

The Governor Hobbes says no for a bitcoin budget bill

On Tuesday, the governor of Arizona Katie Hobbes Veto Evolutionary legislation aimed at updating the state confiscation law to include digital assets and establishing a bitcoin reserve of seized assets.

It is worth noting that the Senate in the state of Arizona revived the draft law of the House of Representatives 2324 (HB 2324) two weeks after its failure to pass the third reading of the House of Representatives in May. The Senate voted in favor of the proposal to reconsider the legislation, and send it to the House of Representatives to consider it.

On June 24, the draft law passed the House of Representatives to vote 34-22 in favor of it before sending it to the Ruler’s office last week, as the Bitcoin Third Reserve proposal has become over the past two months.

According to the July 1 decision, the ruler considers that HB 2324 “disrupts local law enforcement from working with the state to confiscate digital assets by removing the assets seized from the local judicial authorities.”

Governor Hobbs rejects HB 2324. Source: Bitcoin Laws on X

Legislation would have been updating Arizona’s confiscation laws to include digital assets and create new provisions to seize cryptocurrencies, storage and allocate other assets.

In addition, it would create new law enforcement procedures to seize digital assets and the rules shown on property confiscation, including protection for innocent owners and restrictions at the date of seizing property, with the aim of updating the laws of confiscation to address the complexity of encryption in criminal investigations.

The draft law also created a “Bitcoin and Digital Assets Reserve” fund to manage encryption assets obtained through the confiscation of criminal assets. The revival of HB 2324 Age followed the Parliament’s Bill 2749 (HB 2749), which was signed in the law on May 7.

The legislation has updated the property laws that were not claimed in Arizona to include Bitcoin and other cryptocurrencies, creating the first and only precautionary technology of the state for the origins of encryption. The draft law allows the authorities to retain uneven currencies and to create a “bitcoin reserve fund” without using state funds or taxpayers.

However, the “Pro-Crypto” gem from the governor Hobbs has before the veto over another draft law, the Senate Bill 1025 (SB 1025) and the Senate 1373 (SB 1373). The ruler argued that the encryption assets were “not tested” and volatile for the state’s funds.

Connecticut Bartch BTC

Meanwhile, Contecticut He follows A similar road to Arizona after the ruler Nid Lamont officially signed the law as a “bitcoin reserve ban” on Monday. Starting October 1, the state will be banned, retaining or investing in encryption assets.

According to Bitcoinist, the House of Representatives Bill 7082 (HB 7082), or “an act related to various reviews of money transfer laws, state payments and investments in virtual currency (…)”, unanimously approved the House of Representatives and the Senate in mid -June.

The draft law has updated money transfer laws in Contecticut, with a focus on regulating digital assets, and expanding the definition of money transmission to include the use of digital portfolios and encryption kiosks.

Moreover, many new provisions have been imposed on money transmitting devices, including strict licensing requirements, compliance and detection of companies that carry, transfer or store virtual currency on behalf of others.

It is worth noting that HB 7082 specifically prohibited a strategic reserve creation, with clarification “the state or any political division of the state (…) must create a reserve for virtual currency.”

Bitcoin trades at $108,448 in the one-week chart. Source: BTCUSDT on TradingView

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