Arizona | Crypto

The prediction markets co-founder said that the company would “abide by court decisions“ but signaled that the charges were based partly on political bias and media attention. Tarek Mansour, co-founder and CEO of prediction markets platform Kalshi, has pushed back against criminal charges filed by Arizona authorities this week, claiming that they were a "total overstep" and "not about gambling.” On Tuesday, Arizona Attorney General Kris Mayes announced charges against the companies behind Kalshi, alleging that the company operated an “illegal gambling business in Arizona without a license” and offered illegal election wagering. Mansour said in a Wednesday Bloomberg interview that Mayes was attempting to “subvert the judicial process” by filing charges without a court decision in Kalshi’s own lawsuit against Arizona authorities last week.  “We see this as a total overstep and we look forward to fighting it in court,” said Mansour. Read more

Arizona has filed 20 criminal counts against Kalshi, a prediction market platform, accusing it of operating an illegal gambling business and offering election wagering in the state.

A Kalshi spokesperson said that the criminal case was based on ”paper-thin arguments” and claimed the company was exclusively under federal jurisdiction. Arizona Attorney General Kris Mayes announced that her office filed gambling and related criminal charges against the companies behind prediction markets platform Kalshi. In a Tuesday notice, Mayes said that the charges alleged that Kalshi operated an “illegal gambling business in Arizona without a license” and offered election wagering, in violation of state laws. Arizona authorities alleged that Kalshi’s prediction markets platform allowed state residents to bet on event contracts related to sports and state and federal elections.  “Kalshi may brand itself as a ‘prediction market,’ but what it's actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law,” said Mayes. “No company gets to decide for itself which laws to follow.” Read more

Two bills and one resolution proposed by state lawmaker Wendy Rogers could allow Arizona voters to change the state's taxation laws applied to digital assets and blockchain. Arizona state Senator Wendy Rogers has proposed two bills and a resolution in an effort to change the state’s laws on taxing digital assets. In legislation prefiled with the Arizona Senate on Friday, Rogers proposed amending state statues to exempt virtual currency from taxation (SB 1044), barring counties, cities and towns from taxing or fining entities running blockchain nodes (SB 1045), and amending the state constitution’s definition of property taxes to clarify rules on digital assets (SCR 1003). The blockchain node bill may move through the state legislature, but the crypto tax bill and resolution would require a vote by Arizona voters during the next general election, in November 2026. Read more

An Arizona woman was sentenced to 8.5 years for aiding DPRK hackers in infiltrating over 300 US crypto and tech firms, generating $17 million of illicit gains. An Arizona woman was sentenced to more than eight years in federal prison for helping North Korean operatives infiltrate US cryptocurrency and tech firms using stolen identities and fraudulent documents. According to a Thursday announcement by the US Attorney’s Office for the District of Columbia, Christina Marie Chapman was convicted of wire fraud conspiracy, aggravated identity theft and money laundering conspiracy. She was sentenced to 102 months, or about 8.5 years in prison. Prosecutors said Chapman worked with operatives tied to the Democratic People’s Republic of Korea (DPRK) to obtain remote IT positions at more than 300 US-based companies. The North Korean workers posed as US citizens and residents, and the scheme generated over $17 million in illicit revenue. Read more

Arizona Governor Katie Hobbs has vetoed SB 1373 and SB 1024—Crypto Bills directing state funds and payments into volatile assets—while approving HB 2749 to seed a Bitcoin reserve with unclaimed crypto and signing HB 2387, tightening fraud limits on Bitcoin ATMs. The post Crypto Bills Vetoed in Arizona; Bitcoin ATMs Hit $2K Cap – Here’s the Risk appeared first on Cryptonews.

Arizona Governor Katie Hobbs rejected bills to establish a state Bitcoin reserve and accept crypto payments, but signed a bill regulating crypto ATMs. 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. Read more

Arizona state senator and Bitcoin advocate Wendy Rogers said, “Bitcoin doesn’t need Arizona, Arizona needs Bitcoin." Bitcoiners and United States government officials have criticized Arizona Governor Katie Hobbs’ decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves. “This will age poorly,” Casa co-founder and cypherpunk Jameson Lopp said in a May 3 X post. Bitcoin (BTC) entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.” “If she can’t outperform Bitcoin, she must buy it,” Pompliano said. Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.” Read more

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 (BTC) 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. Read more

Crypto holds Gains, Arizona passes BTC bill, Carney wins election FOMO HOUR EP346 Crypto holds gains amid solid ETF inflows. Arizona first state to pass BTC reserve bill. Strategy acquires $1.4bn BTC. S. Korea set to approve crypto ETFs this year. US will accelerate BTC mining: Lutnick. BTC to rise to $120k in 2Q25: StanChart. Coinbase to launch BTC Yield Fund. Market value of stablecoins nears $240bn. ETH Fusaka hard fork upgrade in Q3/Q4. 1inch launches on SOLANA. FTX files lawsuit against token issuers. Mastercard launches global stablecoin payments. Abu Dhabi SWF, IHC, FAB launch stablecoin. Ledger Live offers self-custody stablecoin yield. MetaMask announces new metal debit card. FOMO HOUR brings you the biggest daily news, updates and events from inside and outside of the crypto and macro spheres! Join hosts Farokh, Mando and Tyler as they cover some of the biggest topics at present with some of the biggest names in the ecosystem. Streaming live 5 days per week, Monday to Friday 10:00 AM EST to 11:00 AM...