#CryptoRegulation

On May 12, Hobbs vetoed Senate Bill 1373, which sought to create a "Strategic Reserve Fund for Digital Assets," allowing the state to hold cryptocurrencies resulting from seizures or official allocations. In her veto message, she stated, "The sharp volatility in the digital currency market makes it unwise to use public state funds in this area."

This decision followed the rejection of another more ambitious bill known as the "Strategic Bitcoin Reserve Act," which would have allowed investing up to 10% of the state's treasury funds and pension funds in bitcoin and other digital assets. The governor also rejected a third bill that would have allowed government agencies to accept cryptocurrencies as a means of payment for taxes, fines, and fees.