The Democratic governor of Arizona, Katie Hobbs, vetoed the proposal to create a Bitcoin reserve for that state. This is a blow to the aspirations of the crypto community to have one of the first official reserves in this cryptocurrency.

According to the governor, cryptocurrencies are too risky and retirement funds should not be used to test new markets. Thus, she characterizes cryptocurrencies as untested assets that could jeopardize a program known for its stable results.

The decision of the executive branch makes it clear that Arizona will not have a strategic Bitcoin reserve while it is governed by Democrats. Had this last frontier passed, Arizona would have been the first state in the United States to become an official holder of Bitcoin.

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