Arizona state will not hold Bitcoin (BTC) as official reserves

The decision means Arizona won't be the first us state to implement such a policy. The proposed bill (known as the Digital Asset Strategic Bill 1025) suggested that Arizona use seized funds to purchase BTC and create a reserve.

Arizona state will not be holding Bitcoin (BTC) as official reserves after its governor, Katie Hobbs, disapproved the bill. The decision also means that Arizona won’t be the first U.S. state to introduce such a policy.

As the governor stated, she had different priorities. Earlier in the week, the state house passed a final vote on bill 1025 with 31 members voting in support while 25 opposed.

Later, the governor used her veto power. An update from the Arizona state legislature’s website shows that the governor formally struck down the bill on Friday. In her statement to the state’s senate president, Warren Peterson, Hobbs said she rejected the bill because the state’s retirement funds shouldn’t be used to try untested investments such as virtual currencies.

She added that Arizona rose to become the strongest in the United States because it has always made sound and informed investments.

Earlier this week, the state house passed a final vote on bill 1025 with 31 members voting in support while 25 opposed.

Mid-last month, Hobbs said on X (formerly Twitter) that she won’t approve any legislation that isn’t related to the bipartisan agreement on disability funding.

Earlier this week, the state house passed a final vote on bill 1025 with 31 members voting in support while 25 opposed. Later, the governor used her veto power. An update from the Arizona state legislature’s website shows that the governor formally struck down the bill on Friday. In her statement to the state’s senate president, Warren Peterson, Hobbs said she rejected the bill because the state’s retirement funds shouldn’t be used to try untested investments such as virtual currencies.

She added that Arizona rose to become the strongest in the United States because it has always made sound and informed investments.

Earlier in the week, the state house passed a final vote on bill 1025 with 31 members voting in support while 25 opposed.

Mid-last month, Hobbs said on X (formerly Twitter) that she won’t approve any legislation that isn’t related to the bipartisan agreement on disability funding.

After Arizona, another U.S. state has shot down a proposal to permit state-level bodies to hold Bitcoin (BTC) as part of their reserves.

The governor of Arizona has vetoed a bill that would have allowed the state to use idle funds to purchase and hold Bitcoin as part of its official reserves.

The proposed bill (known as the Digital Asset Strategic Bill 1025) suggested that Arizona use seized funds to purchase BTC and create a reserve. The bill added that state officials will be in charge of managing the reserve.

However, an update from the Arizona state legislature’s website reveals that the governor formally struck down the bill on Friday. In her statement to the state’s senate president, Warren Peterson, Hobbs said she rejected the bill because the state’s retirement funds shouldn’t be used to try untested investments such as virtual currencies.

She added that Arizona rose to become the strongest in the United States because it has always made sound and informed investments.

Earlier this week, the state house passed a final vote on bill 1025 with 31 members voting in support while 25 opposed.

Mid-last month, Hobbs said on X (formerly Twitter) that she won’t approve any legislation that isn’t related to the bipartisan agreement on disability funding.

Meanwhile, there’s another Bitcoin-related bill awaiting a final vote in Arizona. Bill SB1373 aims to grant the state’s treasurer the authority to spend a maximum of 10% of Arizona’s rainy-day fund on cryptocurrencies, especially Bitcoin.

Besides Arizona, several States have disapproved similar proposals for a Bitcoin reserve. Over the past few months, Wyoming, Montana, Oklahoma, and South Dakota have either withdrawn or stalled similar proposals.

However, North Carolina’s house approved their digital assets investment act on April 30. This act now permits to state treasurer to spend a maximum of 5% of specified funds on approved digital assets. The bill is currently at the state’s senate, awaiting consideration.

Earlier this year, U.S. President Donald Trump said he’d like to see the federal government establish a Bitcoin reserve.