Arizona Governor Shuts Down Bitcoin Pension Plan
Senate Bill 1025, which had passed both chambers of the state legislature, proposed including cryptocurrencies in the Arizona State Retirement Systems investment portfolio.
Supporters argued the move could diversify holdings and help hedge against inflation. However, Governor Hobbs rejected the proposal, warning that volatile, largely unregulated assets pose too much risk for public pensions.
In a letter explaining her decision, Hobbs emphasized the importance of maintaining stability in one of the countrys strongest retirement systems. She described crypto markets as untested and unsuitable for safeguarding public funds.
READ MORE:
Coinbase to Delist Five Tokens on May 16
The veto effectively halts what could have been the first state-run Bitcoin reserve in the U.S. While other states like Wyoming and South Dakota have flirted with similar legislation, none have yet succeeded in pushing digital assets into their public finance frameworks.
A companion proposal, SB1373, which would allow up to 10% of Arizonas rainy-day funds to be held in crypto, is still awaiting a final decision. For now, though, the broader trend of cautious state-level resistance to crypto integration continues.
The post Arizona Governor Shuts Down Bitcoin Pension Plan appeared first on Coindoo.
Read more: https://coindoo.com/arizona-governor-shuts-down-bitcoin-pension-plan/
Text source: Coindoo
