Arizona Bitcoin Reserve Bill Vetoed by Governor Hobbs
On May 2, Arizona Governor Katie Hobbs vetoed the Digital Assets Strategic Reserve bill, blocking a proposal that would have made the state the first in the U.S. to hold Bitcoin as part of its official reserves. The bill had successfully passed its final House vote on April 28 but was met with Hobbs’ preemptive warning that she would reject any legislation lacking a bipartisan agreement on disability funding.
The proposed bill aimed to enable Arizona to invest seized funds in Bitcoin and establish a reserve managed by state officials. A related bill, allowing the state treasurer to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin, is still pending.
Supporters argued the initiative would position Arizona as a leader in the burgeoning field of digital asset policy, citing increasing institutional investor interest. However, critics expressed concern over the fiscal risks associated with investing public funds in volatile cryptocurrencies.
Arizona now joins a growing list of states where similar legislation has faltered, with attempts in Oklahoma, Montana, North Dakota, and Wyoming also meeting obstacles. Meanwhile, North Carolina’s House recently advanced a bill permitting crypto investments, signaling a potential shift in legislative momentum.
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