#BinanceHODLerSTO $BTC Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which aimed to establish a state-managed Bitcoin reserve. In her veto letter to Senate President Warren Petersen, Hobbs expressed concerns about the volatility and untested nature of digital assets, emphasizing that the Arizona State Retirement System prioritizes stable, well-vetted investments.
Reasons Behind the Veto:😎😎😎😎
Untested Nature of Cryptocurrency: Hobbs described virtual currencies as "untested" and unsuitable for retirement savings.
Volatility Concerns: She highlighted the risks associated with investing in digital assets.❤❤
Prioritizing Stable Investments: The governor emphasized the importance of sound and informed investments for the Arizona State Retirement System ¹ ².
Next Steps:👍😚
The veto might not be the end of the bill if there's overwhelming legislative support. However, overriding the veto seems unlikely since the bill passed with a simple majority. Another related bill, Senate Bill 1373, is still pending, which would allow the state treasurer to invest up to 10% of state funds in digital assets like Bitcoin
Other States' Progress:
Other states are exploring similar initiatives 😥
New Hampshire: Nearing a potential breakthrough with its Strategic Bitcoin Reserve proposal.😚
North Carolina: The Digital Assets Investment Act has passed the state House and is being considered in the Senate.
Oklahoma, Montana, North Dakota, and Wyoming: Efforts to formalize Bitcoin reserves have stalled or failed in these states$XRP