What in the World Happened to Arizona’s Bitcoin Bill?

by
  • Arizona’s Bitcoin reserve bill was vetoed, even though it just squeaked by the House vote. Yikes!
  • North Carolina moves forward with crypto investment laws, because why not? Arizona, not so much.

Well, well, well, Arizona got the world’s hopes up with its Bitcoin bill, only to dash them faster than you can say “blockchain.” For a hot minute, Arizona was on the verge of becoming the first state to make Bitcoin part of its official reserves. Dreams were alive, and then—bam!—Governor Katie Hobbs delivered the veto heard around the crypto world. 🚫

Arizona Pulls the Plug on Bitcoin Reserve Bill

The state’s House managed to pass Senate Bill 1025, known as the “Arizona Strategic Bitcoin Reserve Act,” which was supposed to make Arizona the trendsetter in state-level Bitcoin reserves. I mean, talk about living on the edge, right?

The bill proposed that Arizona could hold Bitcoin in its official reserves, using funds from seized assets, so Arizona would be the cool kid on the block (pun intended). But then, Governor Hobbs came through with the veto hammer. Womp womp.

In her heartfelt statement to Warren Petersen (President of the Arizona Senate, in case you were wondering), she said:

“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.”

And, just in case anyone was unclear about her stance, she added:

“Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.”

Oh, But Wait—There’s More!

The Arizona House barely approved this Bitcoin bill on April 28th, and just like that, it was a big ol’ “nope” from the Governor. Hobbs was all about making sure there was bipartisan agreement on funding for people with disabilities. So yeah, Bitcoin didn’t make the cut this time.

Hobbs had said,

“Any bill not already on my desk will be vetoed until we have a serious, bipartisan funding solution that protects health care for Arizonans with disabilities.”

And just like that, it was veto o’clock. ⏰ Meanwhile, there’s still hope for SB1373, a bill that would let the state treasurer invest up to 10% of the rainy-day fund into digital assets. Still waiting on a vote, though. Fingers crossed, maybe?

So, What’s Happening Elsewhere?

Arizona’s little Bitcoin moment might have ended in disaster, but other states are still trying their luck. States like Oklahoma, Montana, and Wyoming gave their best shots at similar Bitcoin bills, but spoiler alert: they didn’t go anywhere either. Sorry, guys. 😬

Meanwhile, North Carolina is like, “Hold my beer,” and pushing ahead with the Digital Assets Investment Act. On April 30th, their House passed a bill that would let the state treasurer invest up to 5% of select funds into approved cryptocurrencies. Still in the Senate, though, so we’ll see if they can keep the momentum going. 🧐

And don’t forget about the feds. Former President Trump and his Republican pals have been pushing for a Strategic Bitcoin Reserve at the federal level, but market sentiment is basically like, “Yeah, that’s cute, but we’re not holding our breath.”

Polymarket data? Zero confidence that Trump’s reserve will actually happen within his first 100 days. Maybe in the next millennium? 🙄

Read More

2025-05-03 22:25