Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, a proposed law that would have allowed the state to invest in Bitcoin as part of its official reserves.
The bill aimed to establish a Digital Assets Strategic Reserve using seized funds, potentially making Arizona the first U.S. state to formally hold Bitcoin.
Governor Hobbs firmly rejected the proposal on Friday, arguing that Arizona’s strong retirement system should not be exposed to unproven digital assets.
“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” she stated. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.”
The decision effectively halts the state’s efforts to incorporate Bitcoin into its treasury and underscores ongoing skepticism among some state officials toward crypto as a public financial instrument.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/arizona-governor-blocks-bitcoin-reserve-bill-cites-risk-to-retirement-funds/