尽管有很大的支持，但亚利桑那州州长凯蒂·霍布斯（Katie Hobbs）还是拒绝了一项新颖的建议，即将比特币纳入州持有的法律约束力的账目中。

否决的参议院1025号法案有可能将亚利桑那州定位为美国第一个采用这一战略的州。

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.

亚利桑那州州长凯蒂·霍布斯（Katie Hobbs）否决了一项法案，尽管对该提案有很大的支持，但该法案将在该州对其持股中具有法律约束力的核算。

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.

参议院1025号法案有可能将亚利桑那州作为美国第一个采取该策略的州定位，在亚利桑那州立法机关于2025年5月3日宣布最新消息后，投票赞成。

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.

拟议的立法被称为数字资产战略储备，将允许该州对比特币进行没收资金，从而建立一个由州官员监督的储备。但是，霍布斯州长说，她的决定是更广泛的立法优先事项的一部分。但是她强调说，她不会签署任何与两党关于残疾资金计划不一致的账单。

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

霍布斯宣称：“我今天拒绝了参议院1025号法案。”

Legislative Journey of the Bitcoin Reserve Bills

比特币储备账单的立法旅程

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.

今年年初的时间是通往否决权的道路。 2025年4月28日，SB 1025从亚利桑那州的房屋出发，去了霍布斯州长的办公桌批准。

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.

这所房子还在当天通过SB 1373，37-19。根据第二种法律，亚利桑那州的审计长可能已经投资了该州紧急基金的10％，例如比特币。

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面临延误。参议院核心会议开会，以审查众议院的修正案，到2025年5月1日。与共和党的核心小组保持一致，他们会接受变更，但民主党核心小组尚未决定。该法案置于困境中，但正在等待进一步的行动，然后才能将其发送给州长进行签名。

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.

立法过程表明，通过与加密货币有关的政策是多么困难。这两项法案都在众议院获得了很多支持，但是SB 1373的参议院批准也将不确定，而州长的立场也将取决于无关的资金问题。

Impact of the Veto on Arizona’s Crypto Ambitions

否决权对亚利桑那加密货币的野心的影响

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

霍布斯州长的SB 1025否决权基本上阻止了亚利桑那州成为州一级的早期采用者的梦想。该州已准备好设定其他人的先例。将比特币保留在储备金中的提议是更广泛趋势的一部分，因为北卡罗来纳州等其他州也考虑了这样的举动。例如，2025年4月30日，北卡罗来纳州的房屋通过了《数字资产投资法》，该法案将允许多达5％的某些资金投资于批准的加密货币

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.

这种否决权也反映了州治理的更广泛的紧张局势。她以前曾警告过，她会拒绝与她获得两党对残疾资金支持的优先事项无关的立法。这样的立场说明了在其他立法优先事项中的加密货币政策进展的复杂性。

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.

同时，SB 1373的命运仍然不确定。如果参议院民主党人同意众议院修正案，该法案仍然可以去州长的办公桌。尽管如此，考虑到霍布斯最近对SB 1025的否决权，批准的可能性似乎很低。这种情况反映了其他州所面临的问题，例如犹他州，该州已将其比特币储备的建议缩减了。

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.

否决权是亚利桑那州加密货币倡导者的重大打击。然而，尽管该州的立法者愿意探索数字资产，但总督的决定暂时掌握了这些努力。