#StrategicBTCReserve
💥Arizona backs down on state Bitcoin reserve: its governor vetoed the bill...👇
Katie Hobbs, governor of the state of Arizona, finally vetoed this week a bill that would have allowed the state to invest a percentage of public funds in Bitcoin and other cryptocurrencies.
The aim of the proposal was to allow the state to allocate up to 10% of treasury funds and retirement systems towards digital assets, such as BTC and other cryptocurrencies, in order to diversify reserves and protect funds against the increasing volatility of markets and an inflationary context ahead.
However, Hobbs chose to reject the proposals with harsh criticism towards lawmakers.
According to local media reports, the governor of Arizona argued her decision by stating that the retirement system is "one of the strongest in the country" because it prioritizes protecting funds by making informed and prudent investments.
In this regard, Hobbs had announced that she would not allow new laws related to the crypto ecosystem until a budget agreement supported by both Republicans and Democrats was approved to ensure healthcare for people with disabilities in the state.
