• Governor Hobbs vetoed Arizona’s bill to hold Bitcoin in the state’s official reserves.
• Critics warned that Bitcoin’s volatility posed a financial risk to Arizona’s stability.
• Despite setbacks, over 35 digital asset reserve bills remain active across the U.S.

Arizona failed to lead U.S. states by establishing official Bitcoin holdings as part of its reserve assets. Governor Katie Hobbs vetoed the Digital Assets Strategic Reserve bill because she considered Bitcoin an untested investment. The state House approved this bill on April 28 to permit state officials to use seized funds for Bitcoin investments. 

The proposed legislation created a management system for the Bitcoin reserve under state administrators. According to an under-development measure, the state treasurer could get authority to put 10% of Arizona’s rainy-day funds into digital assets. A companion bill still requires approval before it can become official legislation.

Advocates of the bill contended that Arizona would set an example in digital asset regulations through its adoption. The initiative received support due to Bitcoin’s rising international government adoption and instituti…

The post Governor Hobbs Vetoes Arizona’s Bitcoin Reserve Bill For The State appeared first on Coin Edition.

• Governor Hobbs vetoed Arizona’s bill to hold Bitcoin in the state’s official reserves.
• Critics warned that Bitcoin’s volatility posed a financial risk to Arizona’s stability.
• Despite setbacks, over 35 digital asset reserve bills remain active across the U.S.

Arizona failed to lead U.S. states by establishing official Bitcoin holdings as part of its reserve assets. Governor Katie Hobbs vetoed the Digital Assets Strategic Reserve bill because she considered Bitcoin an untested investment. The state House approved this bill on April 28 to permit state officials to use seized funds for Bitcoin investments. 

The proposed legislation created a management system for the Bitcoin reserve under state administrators. According to an under-development measure, the state treasurer could get authority to put 10% of Arizona’s rainy-day funds into digital assets. A companion bill still requires approval before it can become official legislation.

Advocates of the bill contended that Arizona would set an example in digital asset regulations through its adoption. The initiative received support due to Bitcoin’s rising international government adoption and instituti…

The post Governor Hobbs Vetoes Arizona’s Bitcoin Reserve Bill For The State appeared first on Coin Edition.