PANews reported on May 13 that according to Decrypt, Arizona Governor Katie Hobbs vetoed two crypto-related bills on Monday, including SB 1024 to establish a digital asset strategic reserve fund and SB 1373 to allow government agencies to accept crypto payments. Hobbs said in the veto letter that the crypto market is too volatile and is not suitable as an option for public funding. She had previously vetoed SB 1025, which allowed the state to allocate 10% of its funds to Bitcoin, making the state the 10th state in the United States to veto a similar proposal.

Hobbs also signed HB 2387, which intends to strictly regulate crypto ATMs, requiring operators to provide multilingual fraud warnings, transaction hash receipts, and implement daily transaction limits ($2,000/day for new users and $10,500/day for old users). However, Hobbs just signed Bill 2749 last week, allowing the government to keep unclaimed digital assets in their original form, showing that he is still cautious and open to crypto regulation.