Arizona Governor Katie Hobbs has vetoed a bill that would have allowed the state to hold Bitcoin as part of its official reserves, effectively ending efforts to make Arizona the first US state to adopt such a policy.<\/p>\n
The Digital Assets Strategic Reserve bill, which would have permitted Arizona to invest seized funds into Bitcoin (BTC<\/a>) and create a reserve managed by state officials, was formally struck down on Friday, according to an update<\/a> on the Arizona State Legislature\u2019s website.<\/p>\n \u201cToday, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,\u201d Hobbs wrote<\/a> in a statement aimed at Warren Petersen, the President of the Arizona Senate.<\/p>\n \u201cArizonans\u2019 retirement funds are not the place for the state to try untested investments like virtual currency,\u201d she added.<\/p>\n On April 28, the bill passed a final vote<\/a> in the state House when 31 members of the Arizona House\u00a0voted\u00a0in favor of the bill, with 25 opposing.\u00a0<\/p>\n Hobbs had previously stated she would veto any legislation not tied to a bipartisan agreement on disability funding.<\/p>\n Source: Governor Katie Hobbs<\/em><\/p>\n Related: <\/strong><\/em>Bitcoin bros at \u2018the club\u2019 may stop US gov\u2019t from buying BTC \u2014 Arthur Hayes<\/strong><\/em><\/a><\/p>\n A companion bill, SB1373, which would authorize the state treasurer to allocate up to 10% of Arizona\u2019s rainy-day fund into digital assets like Bitcoin, has not yet reached a final vote.<\/p>\n Arizona joins several other states where similar efforts have failed. In recent months, similar proposals in Oklahoma, Montana<\/a>, South Dakota<\/a> and Wyoming have stalled or been withdrawn.<\/p>\n In contrast, North Carolina\u2019s House passed the Digital Assets Investment Act<\/a> on April 30, allowing the state treasurer to invest up to 5% of certain funds in approved cryptocurrencies. The bill has now been moved to the state Senate for consideration.<\/p>\n The state-level efforts to create Bitcoin reserves come amid a push from US President Donald Trump and Republican lawmakers to do the same in the federal government.\u00a0<\/p>\nAnother Bitcoin awaits final vote<\/h2>\n