Arizona Governor Yet Again Rejects Bitcoin Reserve Using Seized Crypto
Arizona Governor Katie Hobbs vetoed House Bill 2324, which aimed to create a state-managed Bitcoin reserve and include other digital assets from criminal proceeds. Hobbs cited concerns that the bill would discourage local law enforcement cooperation on digital asset forfeiture. This veto is her third rejection of Bitcoin-related legislation, following earlier vetoes of two Senate bills that would have allowed state funds to invest in Bitcoin and hold seized crypto. She also vetoed a bill permitting Arizona agencies to accept crypto payments for fines and taxes. Hobbs has expressed concerns about cryptocurrency market volatility affecting public funds. Despite these vetoes, she signed House Bill 2749, allowing the state to hold unclaimed crypto in its original form. Other states have adopted Bitcoin reserves, while Arizona maintains stricter regulations on public funds' crypto exposure. The impact of these vetoes on Arizona's crypto-friendly image may be limited, as future administrations could adopt different stances.
