Arizona Governor Vetoes Bill for Bitcoin Reserve

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Arizona Governor vetoes Bitcoin Reserve Bill affecting state retirement funds.
Bill rejection due to concerns over untested investments.
No U.S. state currently adopts Bitcoin in reserves.

Arizona Governor Vetoes Bill for Bitcoin Reserve

Gov Hobbs Blocks Bill for 10% Crypto Reserves

Arizona Governor Katie Hobbs vetoed a bill proposing Bitcoin reserves, aiming to protect retirement systems. The bill was expected to allocate up to 10% of funds to cryptocurrencies. Governor Hobbs expressed concerns over investment risks involved, emphasizing state funds' protection. The narrowly approved bill faced legislative rejection from Hobbs.

"The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency." — Katie Hobbs, Governor of Arizona

Bitcoin Supporters React to Arizona's Decision

Financial markets remain stable as the decision halts Arizona from becoming a crypto pioneer. Bitcoin advocates express disappointment over stunted government adoption. Potential profits or risks from Bitcoin inclusion in state reserves now paused. This affects legislative momentum for cryptocurrency integration in government finance strategies.

Comparing Failed Crypto Bills Across States

Similar bills have failed in Oklahoma, Montana, and Wyoming, mirroring Arizona's experience. North Carolina advances efforts with a recent legislative approval of digital asset investments. Future outcomes depend on continued legislative interests in digital currencies. Experts cite ongoing volatility in cryptocurrencies influencing cautious fiscal policies.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.

Read original article on bitcoininfonews.com

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