According to a report by Deep Tide TechFlow, on May 5, Arizona Governor Katie Hobbs vetoed Senate Bill 1025, which would have allowed retirement funds to invest in virtual currencies including Bitcoin. In a letter to the Senate President, Hobbs stated that the veto was to maintain the robustness of Arizona's retirement system, citing the high volatility and lack of regulation of digital currencies like Bitcoin. The bill passed the state House of Representatives with 31 votes in favor and 25 against, and if approved, would have made Arizona the first state to include Bitcoin in its official reserve strategy. Currently, similar proposals in multiple states have been shelved or withdrawn.

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