Bitcoin users criticize Arizona Governor Katie Hobbs for rejecting the bitcoin bill
Arizona State Senator and bitcoin advocate Wendy Rogers said, "Bitcoin does not need Arizona, Arizona needs bitcoin."
Bitcoin users and U.S. government officials criticized Arizona Governor Katie Hobbs' decision to veto a bill that would have allowed the state to hold bitcoin as part of its official reserves.
Jameson Lopp, co-founder of Casa and a cryptocurrency enthusiast, said in a post on X on May 3: "This will be bad over time."
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Businessman Anthony Pompliano said, "Imagine the ignorance of a politician who thinks he can make investment decisions."
A call for government officials to recognize that bitcoin is the "future"
Pompliano stated, "If you can't beat bitcoin, you should buy it." Andrew Gordon, a cryptocurrency lawyer, said, "We need more elected officials who recognize that bitcoin and cryptocurrencies are the future."
Arizona, United States
Source: Julian Faherer
Wendy Rogers, who co-sponsored the bill with state representative Jeff Weninger, also expressed her disappointment.
Rogers said, "Politicians do not realize that bitcoin does not need Arizona. Arizona needs bitcoin."
On May 2, Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, which would have allowed the state to invest confiscated funds in bitcoin and create a reserve managed by state officials. Hobbs said, "Today, I vetoed Senate Bill 1025. Arizona's pension system is one of the strongest in the country because it allows for sound and thoughtful investments."
Arizona, United States
Source: Dr. Danish
Rogers stated that she would reintroduce the bill during her next session. She also noted that Arizona's state pension system already holds shares in Michael Saylor's Strategy (MSTR).
It is essentially a leveraged bitcoin ETF. The Arizona Strategic Bitcoin Reserve bill will return. Keep it, Rogers said. The share price of Strategy rose 32% in April, the largest monthly gain since November 2024.
Related: U.S. government actions give insight into upcoming cryptocurrency regulation
However, well-known cryptocurrency skeptic Peter Schiff sided with Hobbs. Schiff stated, "The government should not make decisions using public funds to speculate in cryptocurrencies."
Arizona would have become the first U.S. state to create a strategic bitcoin reserve if it had been approved.
Arizona joins several other U.S. states where similar efforts have failed. Similar proposals have recently stalled or been withdrawn in Oklahoma, Montana, South Dakota, and Wyoming.
