Arizona Governor vetoes state's strategic Bitcoin reserve bill SB 1025

PANews reported on May 4 that according to Arizona’s official website documents, Arizona Governor Katie Hobbs rejected Senate Bill 1025 (SB 1025), which would have allowed public funds to be invested in virtual currencies. In a veto statement, Hobbs said the Arizona retirement system is one of the most robust retirement systems in the United States, thanks to its robust and wise investment strategy. She stressed that state-minister's pension funds are not suitable for unproven investments such as trying virtual currencies.

According to reporter Eleanor Terrett, there are two other bills on the governor’s desk—one similar to the first, allowing the state finance minister to invest in BTC or crypto-related ETFs. The third bill, initiated by the House of Representatives, may be more likely to be passed. The bill would allow third-party exchanges such as Coinbase to send unclaimed cryptocurrencies to state governments in native form, rather than liquidate them as required by current laws.