Arizona Gov. Katie Hobbs Vetoes SB 1025, Citing Bitcoin as Untested Investment

Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which aimed to establish the state’s first-ever Bitcoin reserve. The legislation, which had passed both the Arizona House and Senate with a 31-25 vote, would have allowed the state to invest seized funds into Bitcoin and create a digital assets reserve managed by state officials. In her veto message, Hobbs described Bitcoin as an ‘untested investment,’ expressing concerns about using Arizonans’ retirement funds for such purposes. She emphasized that the Arizona State Retirement System should focus on sound and informed investments. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io