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ARIZONA GOVERNOR VETOES BILL TO MAKE BITCOIN PART OF STATE RESERVES
Arizona’s plan to invest in Bitcoin has ended in a veto, with Governor Katie Hobbs citing concerns over using public funds for “untested assets.”
Arizona Governor Katie Hobbs has vetoed a bill that would have allowed the state to hold Bitcoin as part of its official reserves, effectively ending efforts to make Arizona the first US state to adopt such a policy.
The Digital Assets Strategic Reserve bill, which would have permitted Arizona to invest seized funds into Bitcoin and create a reserve managed by state officials, was formally struck down on Friday, according to an update on the Arizona State Legislature’s website.
“Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs wrote in a statement aimed at Warren Petersen, the President of the Arizona Senate.
“Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency,” she added.
On April 28, the bill passed a final vote in the state House when 31 members of the Arizona House voted in favor of the bill, with 25 opposing.
Hobbs had previously stated she would veto any legislation not tied to a bipartisan agreement on disability funding.
Another Bitcoin awaits final vote
A companion bill, SB1373, which would authorize the state treasurer to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin, has not yet reached a final vote.
Arizona joins several other states where similar efforts have failed. In recent months, similar proposals in Oklahoma, Montana, South Dakota and Wyoming have stalled or been withdrawn.
In contrast, North Carolina’s House passed the Digital Assets Investment Act on April 30, allowing the state treasurer to invest up to 5% of certain funds in approved cryptocurrencies. The bill has now been moved to the state Senate for consideration.
The state-level efforts to create Bitcoin reserves come amid a push from US President Donald Trump and Republican lawmakers to do the same in the federal government.
Trump signed an executive order in March with a proposal for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.”
@ Newshounds News™
Source: CoinTelegraph
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UK REGULATOR PROPOSES BAN ON BUYING CRYPTO WITH CREDIT CARDS
The UK’s financial regulator is considering a ban on buying crypto with credit, and also mulling outlawing crypto lending and borrowing platforms.
▪️The UK’s Financial Conduct Authority has proposed banning the use of credit to purchase crypto assets.
▪️The regulator is accepting comments on the rule from the public until June 13.
Britain’s top financial regulator has proposed banning the purchase of cryptocurrency with any sort of borrowed funds, including credit cards.
A new discussion paper from the UK’s Financial Conduct Authority floated a plan this week to outlaw crypto firms from allowing British customers to buy crypto assets with a credit card. The proposed rule would also ban the purchase of crypto with any other form of credit, including loans and digital currency credit lines.
The move appears largely driven by the regulator’s concern that UK adults are going into debt to buy crypto, a “risky” practice, given the inherent volatility of digital assets.
Britain’s top financial regulator has proposed banning the purchase of cryptocurrency with any sort of borrowed funds, including credit cards.
A new discussion paper from the UK’s Financial Conduct Authority floated a plan this week to outlaw crypto firms from allowing British customers to buy crypto assets with a credit card. The proposed rule would also ban the purchase of crypto with any other form of credit, including loans and digital currency credit lines.
The move appears largely driven by the regulator’s concern that UK adults are going into debt to buy crypto, a “risky” practice, given the inherent volatility of digital assets.
We are concerned that consumers buying crypto assets with credit may take on unsustainable debt, particularly if the value of their crypto asset drops and they were relying on its value to repay,” the FCA said.
A YouGov survey recently commissioned by the Authority found that 14% of UK crypto users reported using credit to buy digital assets in August 2024. That figure marked a 133% uptick from two years prior.
The proposal, if passed, would not necessarily impact all crypto assets, however. The FCA said that stablecoins authorized by its regulatory regime would likely be exempt from the credit ban.
@ Newshounds News™
Source: Decrypt
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