Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs

By: bitcoin ethereum news|2025/05/14 09:15:06

Arizona Governor Katie Hobbs vetoed two key cryptocurrency-related bills that aimed to expand the state’s involvement in digital assets while signing a strict regulatory measure targeting Bitcoin ATMs. On May 12, Hobbs rejected Senate Bill 1373, which sought to establish a Digital Assets Strategic Reserve Fund. The fund would have allowed Arizona to hold crypto assets obtained through seizures or legislative allocations. “Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars,” she stated in her veto letter. “I have already signed legislation this session which allows the state to utilize cryptocurrency without placing general fund dollars at risk,” she added. That decision followed her veto of Senate Bill 1025 — the more ambitious “Arizona Strategic Bitcoin Reserve Act” — on May 3. It would have authorized up to 10% of the state’s treasury and retirement funds to be invested in Bitcoin and other digital assets. According to data from bitcoinlaws.io, 26 US states have introduced strategic crypto reserve bills, with 18 of them currently active. Hobbs also vetoed Senate Bill 1024, which would have permitted state agencies to accept cryptocurrency payments for taxes, fines and fees via approved service providers. Although the proposal attempted to shield the state from direct exposure to price volatility, Hobbs said it still introduced “too much risk.” Related: Taiwan lawmaker calls for Bitcoin reserve at national conference Hobbs approves Bitcoin ATM bill On May 12, Hobbs approved House Bill 2387, which introduces new consumer protection rules for cryptocurrency kiosk (ATM) operators, aiming to reduce fraud and improve transparency. The bill mandates that kiosks display clear, multilingual warnings about common crypto scams and require users to acknowledge these risks before completing transactions. Operators must also provide detailed receipts that include transaction data, contact information, fees and refund policies. Furthermore, the bill caps transactions at $2,000 per day for new customers and $10,500 per day for returning users after 10 days. Kiosk providers must also offer 24/7 toll-free customer service and post the number visibly on each machine. Under the bill, if a new user is tricked into sending crypto under false pretenses and reports it with proof within 30 days, they are entitled to a full refund, including fees. According to CoinATMRadar, there are currently 20 active Bitcoin ATMs in Arizona. Notably, Hobbs has not entirely closed the door on digital assets. On Wednesday, she signed House Bill 2749, which updates Arizona’s unclaimed property laws to include digital assets. The legislation allows the state to retain unclaimed cryptocurrencies in their original form rather than liquidating them into fiat currency. Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10 Source: https://cointelegraph.com/news/arizona-governor-vetoes-crypto-bills-approves-bitcoin-atm-law?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.