亚利桑那州

Arizona Governor Vetoes Digital Asset Reserve Bill for the Third Time, Highlighting Increasing Partisan Policy Divides

Arizona Governor Katie Hobbs has once again vetoed Bill 2324, which aimed to establish a state digital asset reserve fund, marking her third veto of this bill during her current session.

In her veto letter, Hobbs pointed out that the bill could hinder cooperation between local law enforcement and the state government regarding digital asset seizures, and would transfer seized assets away from local jurisdictions, thus affecting law enforcement collaboration. Despite the bill undergoing twists and turns during the legislative process and passing consideration in the Senate, Governor Hobbs still refused to sign it.

This decision by Governor Hobbs aligns with the Democratic Party's cautious approach to cryptocurrency regulation. While she opposes positioning Arizona as a digital asset hub, she supports targeted measures for oversight and consumer protection. Earlier this year, she also signed Bill 2387, which strengthens regulations on cryptocurrency ATM operations, and approved another Bill 2749 that establishes a digital asset reserve fund under different conditions.

Hobbs' decision reflects a general trend of conservative positions among Democratic members on cryptocurrency issues. For example, recent legislation passed in Connecticut prohibits state government agencies from investing in cryptocurrencies, which received unanimous support from the state's Democratic-majority legislature and was signed into law by Governor Ned Lamont. Nationwide, prominent Democrats like Senator Elizabeth Warren have also issued warnings about the risks of cryptocurrencies.

Overall, there is a clear divergence in cryptocurrency policy positions between the two major political parties in the United States. Democrats are calling for increased regulation, while Republicans tend to favor a more open approach to the industry.

In summary, Arizona Governor Katie Hobbs' third veto of the digital asset reserve bill not only reflects the Democratic Party's cautious stance on cryptocurrency regulation but also highlights the current political divide in the United States regarding cryptocurrency oversight.

As cryptocurrencies increasingly integrate into the mainstream financial system, it may prompt the industry and regulators to reassess the risks and opportunities associated with them. Balancing industry innovation with regulatory frameworks has become a key issue for policy consistency between the two parties.

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Arizona Passes Bitcoin Reserve Bill, Awaiting Governor's Final Signature

On April 28, the Arizona legislature passed a Bitcoin reserve bill, making it the first of its kind in the United States! However, Governor Katie Hobbs is still considering whether to approve it, as the state budget has not been finalized. She previously stated that all new bills would be put on hold, so the fate of this Bitcoin bill remains uncertain.

Recently, Arizona's two chambers passed this bill with almost bipartisan support. The bill was proposed by Republican Senator Wendy Rogers and allows the state treasury to invest a portion of public funds in Bitcoin. During the voting process, participation was high, with no absences in both rounds of voting. Ultimately, the bill was passed in the House with 29 votes in favor and 25 against, and in the Senate with 31 votes in favor and 25 against. However, four senators did not vote.

Supporters of the bill believe that Bitcoin reserves can help Arizona diversify its assets, hedge against inflation, and position the state at the forefront of digital financial innovation. They argue that Bitcoin's fixed supply and decentralized nature offer advantages over traditional fiat currencies, especially amid current concerns about national debt and currency devaluation. However, some worry that the volatility of Bitcoin prices could pose risks to state funds. Others question whether it is appropriate to invest public funds in such speculative assets, given the federal government's insufficient regulation of cryptocurrencies.

The bill also states that Bitcoin investments will be counted as part of the state investment portfolio's digital currency holdings and will be subject to oversight under Arizona's existing public fund management regulations. This indicates that the state government maintains an optimistic yet cautious attitude toward Bitcoin investments.

In the context of discussing the role of digital assets in public finance, although other states have explored cryptocurrency-related measures, Arizona is the first to pass a bill establishing a Bitcoin reserve.

Now, if Governor Hobbs signs this bill, Arizona will become the first state in the U.S. to officially incorporate Bitcoin into its financial strategy.

What do you think? Do you believe Governor Hobbs will approve this Bitcoin reserve bill?

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