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Arizona Governor Vetoes Bitcoin Reserve Bill, Citing 'Untested Investment' Concerns
Arizona Governor Katie Hobbs has vetoed a legislative proposal aimed at incorporating Bitcoin into the state's financial reserves, expressing concerns over the cryptocurrency's volatility and untested nature as an investment.Cryptowisser
The bill, known as Senate Bill 1373, sought to establish a "Digital Assets Strategic Reserve Fund," managed by the state treasurer. It would have allowed Arizona to invest up to 10% of its total fund deposits in digital assets, including Bitcoin, and to loan these assets to generate returns, provided such activities did not increase financial risk to the state .CoinSurges+4Coinpedia Fintech News+4Cointeleg$BTC $BTC #raph+4Coin Edition+499Bitcoins+4Cointelegraph+4
Governor Hobbs' veto underscores the state's cautious approach toward integrating digital assets into public financial management. While the bill had passed the Arizona Senate and was progressing through the legislative process, the governor's decision halts its advancement.99Bitcoins
This development places Arizona in contrast to other states like Utah, which have moved forward with similar initiatives. The debate over the role of cryptocurrencies in state finances continues, balancing innovation with prudence in public fund management.Cointelegraph+4Cryptowisser+4Coin Edition+4
