US EditionArizona Governor Calls Crypto an ‘Untested Investment,’ Striking Bitcoin Reserve Bill
- On May 2, Arizona’s Governor Katie Hobbs rejected legislation that would have established a Bitcoin reserve within the state treasury.
- The bill aimed to let Arizona invest up to 10% of state treasury and pension funds in digital assets, following similar yet unsuccessful efforts in other states.
- Although the bill had bipartisan backing and was introduced with strong advocacy from legislators including Wendy Rogers and Jeff Weninger, Governor Hobbs rejected it due to concerns about the instability and uncertain nature of cryptocurrencies.
- Hobbs highlighted that Arizona’s retirement funds remain robust by relying on established investment methods and cautioned against including experimental digital assets in the portfolio.
- The veto marks a setback for integrating Bitcoin into public funds, reflecting broader governmental caution amid ongoing federal and state debates on digital asset adoption.
40 Articles
40 Articles
Arizona Governor Calls Crypto an ‘Untested Investment,’ Striking Bitcoin Reserve Bill
Arizona will not be investing in bitcoin (BTC), at least not this year. Governor Katie Hobbs vetoed a bill on Friday that would have allowed the state to hold the digital asset as part of its official reserves.The legislation, known as Senate Bill 1025, proposed using seized funds to invest in BTC and create a digital assets reserve managed by the state. After passing the state House in a narrow 31–25 vote, the bill reached Hobbs' desk, where it…
Bitcoin Reserve Bill Rejected, But Arizona Lawmaker Promises Comeback
Governor Katie Hobbs has vetoed the state’s leading Strategic Bitcoin Reserve bill, SB1025. According to Hobbs, virtual currencies have not been tested enough for state retirement funds to be invested there. The Primary Sponsor of the bill, Sen. Wendy Rogers, has vowed to refile the bill in the next legislative session. Gov. Katie Hobbs has vetoed Arizona’s most prominent legislation, SB1025, tagged “Public Monies; Investment; Virtual Currency.”…
Bitcoin Faces Political Headwinds Even as the Best Presales Keep Finding Investors
The close of last week coughed up some rather unpleasant news for Bitcoin (and crypto) supporters. Arizona’s governor, Katie Hobbs, announced her decision to veto Senate Bill 1025, also known as the ‘Arizona Strategic Bitcoin Reserve Act.’ SB1025 would have allowed Arizona’s treasurers and public retirement funds to invest up to 10% of state funds into $BTC and other crypto assets. Keep reading to learn more about Arizona’s Bitcoin problem. We’l…
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Crypto News Wire - Latest Crypto News And AnalysisArizona Governor Shoots Down Plans for State Bitcoin Reserve
Arizona’s governor has vetoed legislation that would have let the state invest in cryptocurrency. “The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Gov. Katie Hobbs wrote Friday (May 2) in a letter to state Sen. Warren Petersen, president of the state Senate. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу.” S…
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