Arizona governor vetoes bill to make Bitcoin part of state reserves
Arizona Governor Katie Hobbs vetoed the Digital Assets Strategic Reserve bill, which aimed to allow the state to hold Bitcoin as part of its official reserves. The bill would have permitted investment of seized funds into Bitcoin and established a reserve managed by state officials. Hobbs emphasized that Arizona's retirement funds should not be used for untested investments like virtual currency. The bill had passed the state House with a vote of 31 in favor and 25 against. A companion bill, SB1373, proposing to allocate up to 10% of the rainy-day fund into digital assets, has not yet been voted on. Similar proposals in other states have also failed, while North Carolina's House passed a bill allowing investment in cryptocurrencies. These state-level initiatives coincide with federal efforts, including a proposal from former President Trump for a "Strategic Bitcoin Reserve."
