Well, well, well. It seems like Arizona Governor Katie Hobbs is no fan of Bitcoin after all. In an unexpected turn of events, she decided to veto a bill that would have allowed the state to invest retirement funds in crypto assets like the ever-elusive Bitcoin. Senate Bill 1025 was all set to add a dash of virtual currency to the Arizona State Retirement System’s portfolio. Sounds exciting, right? Well, not for Hobbs.
Hobbs rejected the bill today, declaring that it would introduce “untested assets” into a program known for its oh-so-stable results. Phew, stable sounds so last century, doesn’t it? 🙄
In a letter to Senate President Warren Petersen, Hobbs explained that the state’s retirement system is one of the “strongest in the country.” Apparently, that means no room for risky investments. I mean, who needs newfangled crypto when you’ve got those tried-and-tested, boring ol’ assets, right?
The Great Bitcoin Block: Arizona’s Governor Stands Guard
Senate Bill 1025 was one of the boldest moves in the US to bring digital assets into public pension programs. Arizona lawmakers framed the bill as a visionary step forward, hoping crypto would provide the perfect opportunity to diversify investment returns. Diversification? Sure, but not if it means dealing with those pesky, unpredictable cryptocurrencies.
Hobbs, however, put her foot down. She claimed the fund’s current strength is built on careful planning and traditional investments. In other words, if it ain’t broke, don’t fix it — or add crypto to it, apparently.
Crypto, Still Not Welcome in Public Investment Plans
Supporters of the bill, who dreamed of adding Bitcoin to public portfolios, argued that it could help future-proof state funds. The critics, however, weren’t so optimistic. They pointed out that the bill lacked proper risk assessments and oversight. So, in a sense, Hobbs’ veto sends a clear message: better safe than sorry. And perhaps better boring than risky. 😅
The bill would have made Arizona the first state to adopt crypto in public pension programs, but now, that idea seems to be floating in a sea of uncertainty. Unless lawmakers find a way to rally the troops and override the veto, the state’s pension accounts will remain blissfully crypto-free.
Arizona’s Crypto Bill: So Close, Yet So Far
Before the veto, Arizona lawmakers had passed two bills allowing the state to invest up to 10% of public funds in Bitcoin. Senate Bill 1025 and its sibling SB1373 were cruising through both chambers, making Arizona look like the trailblazer of crypto adoption. Everyone was watching. The suspense was building. And then… well, Hobbs just dashed those dreams to pieces.
Some supporters saw the bill as a brilliant move to hedge against inflation. But now, that door is firmly closed. Arizona could’ve had the first state-level Bitcoin reserve. Instead, they’ll just have to watch other states, like Oklahoma, Montana, South Dakota, and Wyoming, try to jump on the crypto bandwagon. But, spoiler alert: none of them have made it yet.
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2025-05-03 17:07