Arizona Governor Katie Hobbs Vetoes SB 1025, Citing Bitcoin as 'Untested Investment'

Arizona's attempt to establish the first-ever state Bitcoin reserve has been vetoed by Governor Katie Hobbs on May 2. The legislation, known as the 'Arizona Strategic Bitcoin Reserve Act' (Senate Bill 1025), had passed both the state House and Senate on April 28 but was blocked from becoming law by the governor's veto.

Governor Hobbs justified her veto by describing Bitcoin as an 'untested investment', unsuitable for Arizonans' retirement funds. This decision came despite the bill's passage, which would have positioned Arizona as a pioneer in state-level cryptocurrency investment.

The vetoed bill, SB 1025, would have allowed Arizona to invest seized funds into Bitcoin and establish a reserve managed by state officials. A related bill, SB 1373, which would have enabled the state treasurer to allocate up to 10% of Arizona's rainy-day fund into digital assets, has not yet reached final approval.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.