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Arizona Governor Calls Crypto an ‘Untested Investment,’ Vetoes Bitcoin Reserve Bill
The bill, Senate Bill 1025, aimed to create a digital assets reserve managed by the state.
What to know:
- Arizona Governor Katie Hobbs vetoed a bill that would have allowed the state to invest in bitcoin using seized funds.
- The bill could have made Arizona the first U.S. state to adopt bitcoin in its financial reserves.
In this article
Arizona will not be investing in bitcoin
, at least not this year.Governor Katie Hobbs vetoed a bill on Friday that would have allowed the state to hold the digital asset as part of its official reserves.
STORY CONTINUES BELOW
The legislation, known as Senate Bill 1025, proposed using seized funds to invest in BTC and create a digital assets reserve managed by the state. After passing the state House in a narrow 31–25 vote, the bill reached Hobbs' desk, where it was swiftly struck down.
“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans' retirement funds are not the place for the state to try untested investments like virtual currencу,” Hobbs wrote in a statement.
The veto ends a push that could have made Arizona the first state to set up a cryptocurrency reserve, and it could have even outpaced the U.S. Treasury Department in doing so.
Read more: As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
