Breaking News》Arizona Governor 'vetoes Bitcoin reserve bill': Cryptocurrencies are untested investments...

Arizona Governor Katie Hobbs vetoed a bill allowing public funds to be invested in cryptocurrencies, citing concerns over their volatility and risks, reflecting a conservative stance on public finance. (Background: Can Texas lead the way in building a crypto utopia by buying $500 million in Bitcoin reserves every year?) (Supplementary background: Progress of cryptocurrency reserve bills across U.S. states) The Arizona State Legislature passed the 'Strategic Bitcoin Reserve Bill' (SB1025) on April 28, creating the first of its kind in the U.S., which would have allowed the state government to invest up to 10% of public funds in Bitcoin pending the governor's signature. However, Governor Katie Hobbs vetoed the Senate Bill 1025 aimed at allowing the state government to invest 10% of public funds in cryptocurrencies. In her veto statement, Hobbs expressed concerns about the 'unverified' nature of cryptocurrencies, emphasizing that Arizona's retirement system is one of the strongest in the nation and that state residents' retirement funds should not be used for unverified investments like cryptocurrencies. She cited worries about the volatility of digital assets and lack of regulatory clarity, labeling Bitcoin as an 'untested investment.' This dashed what could have been a milestone for Arizona to become the first state in the U.S. to include Bitcoin in its official reserves. Source: Arizona Office The Road Ahead for Cryptocurrency: Progress of Other Bills and Interstate Comparisons Currently, after the governor's veto of SB 1025, the bill will be sent back to the original legislative body (usually the House or Senate), along with the governor's reasons for the veto. The legislative body can choose whether to attempt to override the governor's veto, which typically requires separate voting in both chambers and reaching a specific supermajority threshold. Veto Override Threshold: Arizona requires a two-thirds majority vote in each chamber to successfully override the governor's veto. Outcome of Override Attempt: Successful Override: If both chambers reach the required supermajority vote, the bill will become law, even against the governor's opposition. Failed Override: If the required votes are not met, the bill will be rejected and will not become law. Although successful veto overrides in Arizona are extremely rare, reporter Eleanor Terrett has indicated that there may be two more bills on the governor's desk in the future, one similar to SB 1025 allowing the state treasurer to invest in Bitcoin (BTC) or crypto-related ETFs (SB 1373). The other bill, initiated by the House, may have a better chance of passing, allowing third-party exchanges like Coinbase to send unclaimed cryptocurrencies in their native form to the state government, rather than liquidating them as current law requires. Despite facing a short-term setback, Arizona's attempt marks a shift in attitude toward cryptocurrencies, setting a precedent for public asset management and providing valuable insights into how cryptocurrencies might integrate with traditional finance, potentially inspiring new thinking for future diversification of public funds. Current National Progress Nationwide, 28 states have proposed cryptocurrency reserve bills, with 18 states advancing. Federal policies (such as Trump’s executive order) and recommendations from professional institutions (BlackRock recommends 1-2%, Fidelity recommends 2-5%) also influence state-level attitudes. The following diagram illustrates the current progress of Bitcoin reserves across states: Source: https://bitcoinreservemonitor.com/ Bitcoin briefly falls below $96,000 Regarding Bitcoin prices, this morning BTC briefly dipped below $96,000 but quickly rebounded, reporting at $96,149 before publication. Although there was a lack of positive news, the U.S. Treasury is expected to release a report related to U.S. Bitcoin reserves in the upcoming week. Will this bring in new funds? Let's wait and see. Related Reports Is the U.S. entering the 'Dollar-Cost Averaging Bitcoin Reserve' era? North Carolina's bill to 'buy BTC with 10% fund' and prohibit selling from cold wallets A U.S. poll shows only 10% support for expanding spending in the crypto industry, with a majority opposing Trump’s Bitcoin reserve initiative.. Dr. Ge Ru-Jun: Taiwan is ready for Bitcoin reserves! Specialized cryptocurrency laws 'are better off not being there' Coinbase CEO: 'Bitcoin Standard' will replace gold, G20 will follow suit in buying BTC reserves "Breaking News) Arizona Governor 'vetoes Bitcoin reserve bill': Cryptocurrencies are untested investments..." This article was originally published by BlockTempo (the most influential blockchain news media).