儘管有很大的支持，但亞利桑那州州長凱蒂·霍布斯（Katie Hobbs）還是拒絕了一項新穎的建議，即將比特幣納入州持有的法律約束力的賬目中。

否決的參議院1025號法案有可能將亞利桑那州定位為美國第一個採用這一戰略的州。

Arizona Governor Katie Hobbs vetoed a bill that would have included Bitcoin in the state’s legally binding accounting of its holdings, despite strong support for the proposal.

亞利桑那州州長凱蒂·霍布斯（Katie Hobbs）否決了一項法案，儘管對該提案有很大的支持，但該法案將在該州對其持股中具有法律約束力的核算。

Senate Bill 1025, which had the potential to position Arizona as the first state in the U.S. to adopt this strategy, was put to a vote after the Arizona State Legislature announced an update on May 3, 2025.

參議院1025號法案有可能將亞利桑那州作為美國第一個採取該策略的州定位，在亞利桑那州立法機關於2025年5月3日宣布最新消息後，投票贊成。

The proposed legislation, known as the Digital Assets Strategic Reserve, would have allowed the state to invest confiscated funds in Bitcoin, thereby establishing a reserve that would be supervised by state officials. However, Governor Hobbs said her decision was part of broader legislative priorities. But she stressed that she would not sign any bills that were not consistent with a bipartisan plan on disability funding.

擬議的立法被稱為數字資產戰略儲備，將允許該州對比特幣進行沒收資金，從而建立一個由州官員監督的儲備。但是，霍布斯州長說，她的決定是更廣泛的立法優先事項的一部分。但是她強調說，她不會簽署任何與兩黨關於殘疾資金計劃不一致的賬單。

“I have rejected Senate Bill 1025 today,” Hobbs declared, signaling her focus on other state issues.

霍布斯宣稱：“我今天拒絕了參議院1025號法案。”

Legislative Journey of the Bitcoin Reserve Bills

比特幣儲備賬單的立法旅程

The early part of the year is when the path to the veto started. On April 28, 2025, SB 1025 passed out of the Arizona House and went to Governor Hobbs’ desk for approval.

今年年初的時間是通往否決權的道路。 2025年4月28日，SB 1025從亞利桑那州的房屋出發，去了霍布斯州長的辦公桌批准。

The House also passed SB 1373 that same day, 37–19. According to the second law, the comptroller of Arizona may have invested as much as 10% of the state’s emergency fund in cryptocurrency, such as Bitcoin.

這所房子還在當天通過SB 1373，37-19。根據第二種法律，亞利桑那州的審計長可能已經投資了該州緊急基金的10％，例如比特幣。

However, SB 1373 faced delays. The Senate caucuses met to review the amendments from the House by May 1, 2025. In line with the Republican caucus, they would accept the changes, but the Democratic caucus had not decided yet. The bill was left in limbo, but was awaiting further action before it could be sent to the governor for a signature.

但是，SB 1373面臨延誤。參議院核心會議開會，以審查眾議院的修正案，到2025年5月1日。與共和黨的核心小組保持一致，他們會接受變更，但民主黨核心小組尚未決定。該法案置於困境中，但正在等待進一步的行動，然後才能將其發送給州長進行簽名。

The legislative process showed how difficult it is to pass policies related to cryptocurrency. Both bills received a lot of support in the House, but the Senate approval of SB 1373 would also be uncertain as would the governor’s position, which would depend on unrelated funding issues.

立法過程表明，通過與加密貨幣有關的政策是多麼困難。這兩項法案都在眾議院獲得了很多支持，但是SB 1373的參議院批准也將不確定，而州長的立場也將取決於無關的資金問題。

Impact of the Veto on Arizona’s Crypto Ambitions

否決權對亞利桑那加密貨幣的野心的影響

Governor Hobbs’ veto of SB 1025 essentially stopped Arizona’s dream of becoming an early adopter of Bitcoin at the state level. The state had been poised to set a precedent others would follow. The proposal to keep Bitcoin in reserves was part of a wider trend, as other states such as North Carolina have also considered such moves. On April 30, 2025, for example, North Carolina’s House passed the Digital Assets Investment Act which would allow up to 5% of certain funds to be invested in approved cryptocurrencies

霍布斯州長的SB 1025否決權基本上阻止了亞利桑那州成為州一級的早期採用者的夢想。該州已準備好設定其他人的先例。將比特幣保留在儲備金中的提議是更廣泛趨勢的一部分，因為北卡羅來納州等其他州也考慮了這樣的舉動。例如，2025年4月30日，北卡羅來納州的房屋通過了《數字資產投資法》，該法案將允許多達5％的某些資金投資於批准的加密貨幣

This veto also reflects broader tensions in state governance. She had previously warned she would reject legislation not related to her priority of obtaining bipartisan support for disability funding. Such a position illustrates the intricacies of cryptocurrency policy progress amidst other legislative priorities.

這種否決權也反映了州治理的更廣泛的緊張局勢。她以前曾警告過，她會拒絕與她獲得兩黨對殘疾資金支持的優先事項無關的立法。這樣的立場說明了在其他立法優先事項中的加密貨幣政策進展的複雜性。

Meanwhile, SB 1373’s fate remains uncertain. The bill could still go to the governor’s desk if the Senate Democrats agree with the House amendments. Nonetheless, the likelihood of approval seems low considering Hobbs’ recent veto of SB 1025. The situation reflects issues faced by other states, such as Utah, which has scaled back its Bitcoin reserve proposals.

同時，SB 1373的命運仍然不確定。如果參議院民主黨人同意眾議院修正案，該法案仍然可以去州長的辦公桌。儘管如此，考慮到霍布斯最近對SB 1025的否決權，批准的可能性似乎很低。這種情況反映了其他州所面臨的問題，例如猶他州，該州已將其比特幣儲備的建議縮減了。

The veto is a major blow to cryptocurrency advocates in Arizona. The governor’s decision has, however, put a hold on those efforts for now, although the state’s lawmakers were willing to explore digital assets.

否決權是亞利桑那州加密貨幣倡導者的重大打擊。然而，儘管該州的立法者願意探索數字資產，但總督的決定暫時掌握了這些努力。