Arizona Governor Blocks Bill to Hold Bitcoin in State Reserves
- The Digital Assets Strategic Reserve bill, which allowed the state to hold BTC as part of its official reserves, was rejected.
- The Governor mentioned that she would reject any legislation not linked to a bipartisan agreement on disability funding.
The Governor of Arizona, Katie Hobbs, has rejected the bill, citing that allow the state to hold BTC as part of its official reserves, eventually killing the hope of making Arizona the first US state to adopt such a policy.
The Digital Assets Strategic Reserve bill was the door to permit Arizona to invest seized funds into BTC and make a reserve managed by state officials, but it was rejected on May 2, as per the update on the Arizona State Legislature website.
The Governor stated that I rejected Senate Bill 1025. And, the Arizona State Retirement System is a strong body in the country as it makes good and informed investments. The retirement funds of Arizona are not the place for the state to try untested investments such as digital assets.
Not long ago, the bill passed the final vote in the state House with 31 in favor and 25 in opposition. Hobbs has so far mentioned that she would reject any legislation not linked with a bipartisan agreement on disability funding.
Crypto Reserve Effort Stalls in Arizona After Veto
Another bill, known as SB1373, authorizes the state treasurer to allot around 10% of the states rainy day fund into virtual assets such as BTC, has not reached its final destination yet.
Now, Arizona is on the same list as other states that have failed. In the past few months, proposals of other states like Oklahoma, Montana, South Dakota, and Wyoming have been impeded or withdrawn.
On the other hand, the Digital Assets Investment Act of North Carolina was passed on April 30. As a result, the state treasurer can invest around 5% of some funds in approved cryptocurrencies. Now the bill is in the state Senate for consideration.
The efforts of different states to make Bitcoin reserves are clearly due to a push from newly elected President Donald Trump and other Republican policymakers.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
