#EUPrivacyCoinBan
Arizona’s chance to pioneer crypto-driven public finance was abruptly halted as the governor axed a game-changing bill that would’ve let state retirement funds buy bitcoin.
Arizona Governor Kills Bitcoin Bill for Public Crypto Investment
Arizona Governor Katie Hobbs vetoed Senate Bill 1025 on May 2, blocking a legislative proposal that would have allowed public funds—including state retirement systems—to invest in bitcoin and other cryptocurrencies. The bill, formally titled the “Arizona Strategic Bitcoin Reserve Act,” sought to amend Title 35, Chapter 2 of the Arizona Revised Statutes by adding Article 2.2. It would have enabled public funds to allocate up to 10% of their portfolios to digital assets and outlined provisions for storing such holdings in a future federal strategic bitcoin reserve if established by the U.S. Treasury.
Hobbs justified her decision in a letter to Senate President Warren Petersen, reiterating her stance on maintaining conservative investment practices for the state’s retirement system. She wrote:
Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.
The proposed legislation defined virtual currency as a digital representation of value used as a medium of exchange, unit of account, and store of value, excluding any representation of U.S. or foreign fiat currency.
