Arizona Governor Katie Hobbs vetoed Senate Bill 1025 on May 2, blocking a legislative proposal that would have allowed public funds—including state retirement systems—to invest in bitcoin and other cryptocurrencies. The bill, formally titled the “Arizona Strategic Bitcoin Reserve Act,” sought to amend Title 35, Chapter 2 of the Arizona Revised Statutes by adding Article 2.2. It would have enabled public funds to allocate up to 10% of their portfolios to digital assets and outlined provisions for storing such holdings in a future federal strategic bitcoin reserve if established by the U.S. Treasury.

Hobbs justified her decision in a letter to Senate President Warren Petersen, reiterating her stance on maintaining conservative investment practices for the state’s retirement system. She wrote:

Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.

The proposed legislation defined virtual currency as a digital representation of value used as a medium of exchange, unit of account, and store of value, excluding any representation of U.S. or foreign fiat currency.

The veto provoked swift backlash from many in the crypto community. Bitcoin advocate Anthony Pompliano reacted on social media platform X: “The governor of Arizona just vetoed a bill that would have seen the state invest in bitcoin. Imagine the ignorance of a politician to believe they can make investment decisions. If she can’t outperform bitcoin, she must buy it.” Tierion CEO Wayne Vaughan opined: “Democrat Arizona Governor Katie Hobbs just vetoed a bill that would allow the state’s retirement fund to buy bitcoin. Remember that the next time someone tries to persuade you that Democrats are a pro-crypto party.” Vaneck’s head of digital assets research, Matthew Sigel, stated:

Arizona Governor vetoes bitcoin bill, calls BTC ‘untested’ and not a ‘sound investment.’

Supporters of Senate Bill 1025 argue that bitcoin and similar assets could enhance portfolio diversification and offer protection against inflation. They view the veto as a missed opportunity for Arizona to lead on digital asset innovation. While Hobbs’ decision aligns with cautious investment practices, the broader debate over cryptocurrency’s place in public finance is far from over.

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