Arizona Governor Vetoes Bill Allowing Public Retirement Funds to Invest in Bitcoin, Marking a Setback for Crypto Adoption
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Arizona’s Governor has vetoed a bill aimed at allowing public retirement funds to invest in Bitcoin, reflecting ongoing debates around crypto regulation. This decision marks Arizona as the sixth state to reject a proposed allocation of state funds into digital assets, highlighting a cautious approach toward cryptocurrency investments. In a statement regarding the veto, Governor Katie Hobbs emphasized the strength of the Arizona State Retirement System, asserting that cryptocurrency investments do not align with informed financial strategies. Arizona’s Governor vetoes a bill allowing state retirement funds to invest in Bitcoin, emphasizing the risks associated with untested assets. Read more. Governor’s Veto on Bitcoin Investment Bill On Friday, Arizona Governor Katie Hobbs made headlines by vetoing Senate Bill 1025, known as the Arizona Strategic Bitcoin Reserve Act. This legislation sought to permit state treasurers and retirement systems to allocate up to 10% of state funds into Bitcoin and other cryptocurrencies. In her letter to Senate President Warren Petersen, Hobbs stated that the Arizona State Retirement System is “one of the strongest in the nation,” rooted in “sound and informed investments” that do not include speculative assets. Broad Implications for State Crypto Policies Arizona’s decision to veto this bill underscores a growing trend among states hesitant to embrace cryptocurrencies in public finance. Notably, this makes Arizona the sixth state to reject such initiatives, following similar actions in states across the nation. According to a national tracker, there are currently 19 other states where similar legislation is pending, reflecting both interest and caution at state levels regarding cryptocurrency investments. Future of Digital Asset Legislation in Arizona Despite the rejection of SB1025, another piece of legislation, Senate Bill 1373, titled the Digital Assets Strategic Reserve Fund, remains under consideration. This bill aims to create a framework for managing digital assets acquired through state initiatives…
Filed under: News - @ May 5, 2025 1:25 am