Today in crypto, Arizona Governor Katie Hobbs vetoed bills aimed at establishing a state Bitcoin reserve and accepting cryptocurrency payments, while signing legislation to regulate Bitcoin ATMs. On May 12, Hobbs rejected Senate Bill 1373, which sought to create a Digital Assets Strategic Reserve Fund, citing the current volatility in cryptocurrency markets as a risk to general fund dollars. She also vetoed a bill to allow cryptocurrency payments for state fees. In other news, Coinbase Global is set to join the S&P 500 on May 19, becoming the first crypto company in the index after replacing Discover Financial Services. This move is expected to boost demand for its stock significantly. Additionally, newly appointed SEC Chair Paul Atkins emphasized the promise of blockchain technology during a recent address, outlining priorities for clearer regulatory frameworks for digital assets and a shift away from the previous administration's enforcement approach.

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