Bad News for Bitcoin (BTC) from Arizona: It Would Have Been a First in History

In the US state of Arizona, a bill that would have a portion of public assets invested in Bitcoin was vetoed by Governor Katie Hobbs. The regulation, known as “Senate Bill 1025” (SB 1025), was passed by the state assembly with a vote of 31 to 25, but was blocked by the governor. The bill aimed to create a digital asset reserve by investing the seized funds in Bitcoin and to manage this reserve by the state. However, Governor Hobbs stated that cryptocurrencies are in the category of “untested investments” and that these assets should not find a place in public resources. Related News: Ripple's Chief Legal Officer Explains Why the SEC Withdrew Its Appeal in the Case “The Arizona State Retirement System is one of the strongest in the nation because it makes sound, informed investments. Arizonans’ retirement funds cannot be tested with untested investments like virtual money,” Hobbs said in a statement. The veto ended Arizona’s attempt to become the first state in the U.S. to establish a cryptocurrency reserve. If the bill were to go through, it would have been possible for the state to surpass even the U.S. Treasury Department and set a precedent. *This is not investment advice. Continue Reading: Bad News for Bitcoin (BTC) from Arizona: It Would Have Been a First in History