Bad News Came for Bitcoin (BTC) from Arizona: It Would Have Been a First in History!

A bill in Arizona, USA, that aimed to invest a portion of public assets in Bitcoin was vetoed by Governor Katie Hobbs. The regulation known as "Senate Bill 1025" (SB 1025) was passed in the state legislature by a vote of 31 to 25, yet it was blocked by the governor.

The proposal aimed to create a digital asset reserve by investing the confiscated funds into Bitcoin and to have this reserve managed by the state. However, Governor Hobbs stated that cryptocurrencies are still categorized as "untested investments," expressing that these assets should not find a place in public resources.

In his statement, Hobbs said, "The Arizona State Retirement System is one of the strongest systems in the nation because it makes sound and informed investments. The retirement funds of the people of Arizona cannot be tested with unproven investments like virtual currency."

This veto decision ended Arizona's attempt to become the first state in the US to establish a cryptocurrency reserve. If the bill had been enacted, it could have set a precedent by surpassing the state, and even the US Department of the Treasury.