Arizona Governor Nixes Bitcoin Bill, Companion Crypto Fund Still in Limbo
Arizona Governor Katie Hobbs vetoed Senate Bill 1025, the "Arizona Strategic Bitcoin Reserve Act," which would have allowed state treasurers and retirement systems to invest up to 10% of state funds in Bitcoin and other cryptocurrencies. Hobbs emphasized the strength of the Arizona State Retirement System and stated that retirement funds should not be used for untested assets like crypto. Arizona is now the sixth state to reject such a proposal, with 19 other states still considering similar legislation. The bill aimed to create a framework for investing in digital assets and storing them in a potential federal reserve. A related bill, SB1373, remains under consideration, allowing the state to manage digital assets from appropriations or seizures without authorizing public fund investments. Hobbs' decision on SB1373 will indicate the future of Arizona's digital asset framework. Her veto reflects a broader trend of stalled crypto-related public finance legislation despite increasing national interest.
