Shortly
- Arizona Governor Katie Hobbs has vetoed SB1025 which allowed public funds up to 10% to be invested Bitcoin.
- This bill is part of an broader package on crypto-policies; the companion SB1373 bill has not been signed.
- Arizona became the sixth U.S. states to reject proposals for Bitcoin reserves, and 19 more are currently considering similar legislation.
Arizona Governor Katie Hobbs on Friday vetoed Senate Bill 1025, known as the "Arizona Strategic Bitcoin Reserve Act," blocking a legislative push to allow state treasurers and retirement systems to allocate up to 10% of state funds into Bitcoin and other crypto.
The aforementioned is a Letter Hobbs, in an address to Senate President Warren Petersen said that the Arizona State Retirement System was “one of strongest” systems due to its “sound investments” and “retirement fund is not the right place” for untested assets such as crypto.
Arizona is the sixth state in America to reject a proposal for a Strategic Bitcoin Reserve, reports a National Tracker The following 19 other states have legislation active.
Anthony Pompliano tweeted on Saturday, “Imagine what a politician would be ignorant to believe that they could make an investment decision.” Professional Capital Management is a company which uses content channels in order to generate deal flow, and to engage with consumers.
This bill, passed in both chambers without amendments, proposed creating a framework for the state to invest in digital assets and store them in a potential federal "Strategic Bitcoin Reserve" if one were established.
This was a part of Arizona’s broader crypto policies, along with SB1373, the companion bill that is still on the Governor’s desk.
SB1373, titled the "Digital Assets Strategic Reserve Fund," would allow the state to manage digital assets acquired through appropriations or seizures, such as those from criminal proceedings.
SB1025 does not authorise the investment of public money, instead it establishes protocols for custody and excludes the funds from the standard state fiscal year lapse laws.
SB1373, which has not been signed yet by Hobbs because SB1025 was vetoed as Hobbs sees it more of an administrative tool than an endorsement for speculative exposure to crypto.
Her decision on that bill may signal whether Arizona's broader digital asset framework survives beyond the current legislative session.
Hobbs, who had previously indicated that she would veto GOP-led measures not linked to budget negotiations, has now withdrawn her statement.
Arizona has become the latest State where legislation related to cryptos and public financing is stalled, despite an increase in interest across the nation.
