Mark Uyeda named acting SEC chair among Trump appointments  

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.”Source: State of Arizona, Office of the GovernorRelated: Taiwan lawmaker calls for Bitcoin reserve at national conferenceHobbs approves Bitcoin ATM billOn 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

GD Culture Group (GDC), a Nasdaq-listed holding company focused on livestreaming, e-commerce and artificial intelligence-powered digital human technology, plans to raise up to $300 million for a cryptocurrency treasury reserve.In a May 12 statement, GDC and its subsidiary, AI Catalysis, announced entering into a common stock purchase agreement with a British Virgin Islands limited liability company to sell up to $300 million of its common stock.The proceeds from the stock sale will be used to fund the firm’s crypto treasury, which will include purchases of Bitcoin (BTC) and the Official Trump (TRUMP) token.“Under this initiative, and subject to certain limitations, GDC intends to allocate a significant portion of the proceeds from any share sales under the facility to the acquisition, long-term holding, and integration of crypto assets into its core treasury operations,” the company said in the announcement. GDC described the strategy as a move to align with the broader “decentralization transformation.”GDC stock price, 1-year chart. Source: NasdaqFounded in 2016, GDC is a micro-cap company with a current $34 million market capitalization, according to Nasdaq data.Related: Multi-wallet usage up 16%, but AI may address crypto fragmentation gapGDC’s chairman and CEO, Xiaojian Wang, said the initiative builds on the company’s strengths in digital technologies and positions it for a blockchain-powered industrial shift.“GDC’s adoption of crypto assets as treasury reserve holdings is a deliberate strategy that reflects both current industry trends and our unique strengths in digital technologies and the livestreaming e-commerce ecosystem,” Wang said.The stock offering was announced over a month after the firm received a noncompliance warning from Nasdaq related to its stockholders’ equity. The notice indicated that the firm reported stockholders’ equity of only $2,643, well below the minimum requirement of $2.5 million.The firm was given until May 4 to submit a plan to comply with the listing requirements. If accepted by Nasdaq, the compliance plan will allow up to 180 days from the notification period to comply with the requirements.The Nevada-based company joins a small but growing group of public firms that are allocating part of their balance sheets to crypto assets. Related: Crypto speculation dominates $600B cross-border payments: BIS reportTrump token dinner planned for top holdersGDC’s announcement coincides with an upcoming high-profile event tied to the Trump token project. The 25 largest holders of TRUMP tokens are set to attend a private dinner at the White House on May 22.However, the TRUMP memecoin project said in a May 12 X post that it has stopped considering additional purchases for the dinner and that the attendees had been notified to apply for background checks.According to data provided on the project’s leaderboard, the top 220 wallets held more than 13.7 million tokens as of May 12, worth about $174 million at the time of publication.Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin projectSome US lawmakers have criticized the dinner. Republican Senator Cynthia Lummis reportedly said that the idea of the US president offering exclusive access for people willing to pay “gives [her] pause.”Crypto regulation experts also fear that the Trump family’s crypto endeavors may trigger more regulatory scrutiny by the US Securities and Exchange Commission, as politically affiliated memecoins introduce a new challenge for crypto legislation.Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

Australia’s crypto industry has expressed positivity after the recently reelected government named pro-crypto politician Andrew Charlton as assistant minister for the digital economy, artificial intelligence and other emerging technologies. Prime Minister Anthony Albanese told reporters in Canberra during a May 12 press conference that Charlton would be the new assistant minister for science, technology and the digital economy, working with Tim Ayres, the minister for industry and innovation. Ayres and Charlton will administer policies and programs promoting advancements in emerging technologies, science, technology, innovation and the digital economy, according to Albanese. Charlton has shown strong support for the industry in the past. During a speech to parliament last November, he pushed for a balanced regulatory framework that encouraged industry growth.Cryptocurrency is shaping the future of finance. Governments must support a balanced framework that encourages growth while ensuring security and trust. Let’s embrace the opportunities of a digital economy! #Cryptocurrency #Innovation @DECAustralia pic.twitter.com/av8L2DA72g— Andrew Charlton (@Charlton_AB) November 27, 2024Speaking to Cointelegraph, Jason Titman, CEO of Australian crypto exchange Swyftx, said Charlton’s appointment is “unequivocally good news for crypto in Australia,” and he expects the “blockchain industry is cheering.” “Andrew has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy,” Titman said. Along with the new assistant treasurer, Daniel Mulino, Titman says he hopes Charlton “ fast tracks legislation around digital assets,” because the industry has been waiting for “six or seven years for legislative clarity.” Australian crypto industry continues to grow Vakul Talwar, head of the Australian arm of crypto exchange Crypto.com, said in a statement sent to Cointelegraph that Charlton’s appointment is a sign of the growing importance of the digital economy. Since the previous election in 2022, Talwar says the “industry has grown significantly,” and it’s important in the current term of Parliament to “ensure that as the digital economy continues to merge its way into traditional finance, appropriate regulations are in place.”Around 31% of Australian adults own or have owned crypto, which is roughly 6.2 million people, April 4 data from crypto exchange Independent Reserve shows, up from 28% last year.Roughly 6.2 million out of Australia’s more than 26 million population have owned or still own crypto. Source: Independent ReserveEdward Carroll, head of global markets and corporate finance at Australian crypto platform MHC Digital Group, said that Charlton has long recognized the importance of fostering a constructive and innovative financial ecosystem.“His specific support for digital assets and recognition of blockchain technology’s transformative potential, alongside the need to regulate it quickly and appropriately, should help Australia keep pace with the rapidly evolving global regulatory landscape,” Carroll said.At the same time, Damian Kassabgi, CEO of industry advocacy group Tech Council of Australia, said in a May 12 statement that the addition of “digital economy” to the ministry position is a “strong signal of the Government’s commitment to this critical area of future growth for jobs.”Related: Industry calls for urgent crypto law reforms after Australian electionThe reelected center-left Labor Party proposed a new crypto framework on March 21, regulating exchanges under existing financial services laws and has promised to tackle debanking.Meanwhile, in August 2022, it also initiated a series of industry consultations to draft a crypto regulatory framework.Magazine: Wealthy, isolated, and incredible beaches: Perth Crypto City Guide