Arizona unexpectedly rejects the Bitcoin reserve bill

📌 Arizona Governor Katie Hobbs has just vetoed bill SB1025, which allowed the state treasury and pension system to invest up to 10% of funds in Bitcoin and digital assets. Previously, the bill had been passed by both the state Senate and House of Representatives.

📌 In her explanatory letter, Ms. Hobbs emphasized that Arizona's pension system is among the strongest in the United States due to its cautious investment strategy. She affirmed that the pension fund "is not a place to experiment with untested investments like cryptocurrencies."

📌 This decision immediately received harsh reactions from the Bitcoin community. Bitcoin Magazine CEO David Bailey called for the impeachment of Ms. Hobbs, claiming that this decision "harms Arizona."

📌 However, another bill (SB1373) allowing a 10% investment in digital assets is still awaiting a vote. Arizona currently maintains a more cautious stance, in contrast to the federal trend and some states like North Carolina, which are actively promoting cryptocurrency investments.