The Bill to Make Crypto a Reserve Asset is Rejected

The bill, called the “Digital Assets Strategic Reserve,” which was passed by the Arizona Senate, allowed the state to invest a portion of its seized funds in Bitcoin and other digital assets. However, the bill was officially vetoed by Governor Hobbs on May 2nd.

In her statement, Hobbs explained:

“Today, I vetoed Senate Bill 1025. The Arizona Retirement System is one of the strongest in the nation because it makes careful and informed investments. The retirement savings of Arizona citizens are not the place to experiment with speculative digital assets.”

Despite the veto, the bill had passed its final vote in the House on April 28, with 31 votes in favor and 25 votes against.

Another Crypto Bill Awaits Final Vote

Another bill, SB1373, which proposes to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin, has not yet reached a final vote. This bill is closely related to the previous one and is still under consideration in the state legislature.

Arizona joins other states where similar attempts have failed. Recently, similar proposals in Oklahoma, Montana, South Dakota, and Wyoming were either withdrawn or failed to pass through the legislature.

Some States Open to Crypto Investments

Despite this setback, some states are taking a different approach. North Carolina passed a new law on April 30 that allows the state treasurer to invest up to 5% of certain funds in approved cryptocurrencies. The bill is now under review by the state Senate.

At the federal level, similar proposals are being discussed. President Donald Trump and some Republican senators have proposed the creation of a “Strategic Bitcoin Reserve” within the U.S. Treasury. A presidential order signed in March included plans to establish a stockpile of digital assets.

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The post Arizona Rejects Bitcoin! No Room for Crypto in State Reserves appeared first on Coin Engineer.