Arizona Governor Katie Hobbs, has vetoed legislation that would allow the state to keep Bitcoins as part of their official reserves. The move effectively ends efforts to have Arizona become the first US state with such a policy.
Arizona’s Digital Assets Strategic Reserve Act, which would allow Arizona to use seized funds for Bitcoin investment (BTCFriday was the official date of the abolition of the proposal to create a government-controlled reserve. update The Arizona State Legislature has a website.
“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,” Hobbs wrote The statement was directed towards Warren Petersen (President of Arizona Senate).
“Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency,” She added.
Bill 28 was introduced on April 28. passed a final vote in the state House when 31 members of the Arizona House voted in favor of the bill, with 25 opposing.
Hobbs previously said she would veto legislation that was not tied to an agreement bipartisan on funding for disabilities.
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Bitcoin awaits the final vote
SB1373, the companion bill which authorizes Arizona’s state treasurer up to 10% to be allocated to digital assets, such as Bitcoin, but has yet to reach a final voting, was not passed.
Arizona has joined several other states that have seen similar initiatives fail. Similar proposals have failed in Oklahoma recently. Montana, South Dakota Wyoming and Wyoming are either stalled, or have been removed.
North Carolina House of Representatives is a stark contrast. passed the Digital Assets Investment Act The state treasurer was allowed to invest a maximum of 5% in certain approved cryptocurrency on April 30. Now, the bill is being considered by the State Senate.
These efforts at the state level to establish Bitcoin reserves coincide with the push by US President Donald Trump to have the same done in the federal governments.
Trump signed an executive order In March, we will be presenting a plan for the upcoming year. “Strategic Bitcoin Reserve” A “Digital Asset Stockpile.”
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Source: cointelegraph.com
