Arizona Governor Katie Hobbs Vetoes SB 1025, Citing Bitcoin as 'Untested Investment'

Arizona's attempt to establish the first-ever state Bitcoin reserve has been vetoed by Governor Katie Hobbs on May 2. The legislation, known as the 'Arizona Strategic Bitcoin Reserve Act' (Senate Bill 1025), had passed both the state House and Senate on April 28 but was blocked from becoming law by the governor's veto. Governor Hobbs justified her veto by describing Bitcoin as an 'untested investment', unsuitable for Arizonans' retirement funds. This decision came despite the bill's passage, which would have positioned Arizona as a pioneer in state-level cryptocurrency investment. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io