Arizona Gouverneur Nixes Bitcoin Bill, Companion Crypto Fund Still in Limbo

The Governor of Arizona Katie Hobbs on Friday Veto Senate Bill 1025, known as the “Arizona Strategic Bitcoin Reserve Act”, which blocks a legislative push to allocate state resources and pension systems to 10% of state funds to Bitcoin and other crypto.

In one letter Hobbs, addressed to President Warren Petersen of the Senate, said that the state’s pension system of the state of Arizona “is one of the strongest in the nation” because of “robust and informed investments”, and that “pension funds are not the place” to limit non -tested assets such as crypto.

Arizona will be the sixth state that rejects a strategic proposal for Bitcoin Reserve, according to a national tracker 19 Show other states with active legislation.

“Imagine the ignorance of a politician to believe that they can make investment decisions,” Anthony Pompliano, head of professional capital management, an investment firm that uses content channels to stimulate deal stream and consumer involvement, tweeted Saturday.

The billIn both rooms without changes adopted, for creating a framework for the state to invest in digital assets and to store it in a potential federal “strategic bitcoin reserve” if one was erected.

It was part of a broader crypto policy effort in Arizona, in addition to the accompanying legislation SB1373, which stays on the Governor’s office.

SB1373, entitled “Digital Assets Strategic Reserve Fund”, would enable the State to manage digital assets obtained by credits or attacks, such as those of a criminal procedure.

In contrast to SB1025, it does not allow the investments of public funds, but sets it instead storage protocols and sets the fund free of the standard for the tax annual acceleration rules of the State.

Although SB1025 is Veto, SB1373 can still be signed if Hobbs regards it as an administrative mechanism instead of approving speculative exposure to crypto.

Her decision about that the bill can indicate whether the wider digital activist from Arizona will survive after the current term of office.

Although the legislative power knew both measures earlier this year, Hobbs had indicated its intention to a veto-through-guided proposals that are not linked to budget negotiations.

Her action makes Arizona the newest state where the legislation on crypto-related public financial legislation has stalled despite nationally growing interest.