Arizona Governor Vetoes Bitcoin Reserve Bill
Governor Katie Hobbs blocks Arizona’s Strategic Bitcoin Reserve bill, calling Bitcoin an untested investment.
- Arizona governor vetoes state-level Bitcoin Reserve plan.
- Bill had passed both state House and Senate before rejection.
- Hobbs labels Bitcoin as an “untested investment.”
Governor Halts Arizona’s Bold Bitcoin Move
In a decisive move, Arizona Governor Katie Hobbs has vetoed a proposed law that aimed to create a Strategic Bitcoin Reserve for the state. This comes after the bill gained approval from both the Arizona House and Senate, signaling strong legislative support.
The legislation, if signed into law, would have made Arizona the first U.S. state to formally adopt Bitcoin as part of its strategic reserve assets. The proposal was viewed by supporters as a step toward financial modernization and a hedge against inflation.
Hobbs Labels Bitcoin “Untested”
Governor Hobbs justified her decision by calling Bitcoin an “untested investment.” She expressed concern over using public funds to invest in a volatile and speculative digital asset.
Critics of the veto argue that Bitcoin has been in circulation for over a decade and is increasingly being adopted by institutional investors and even some national governments. However, Hobbs remains cautious, aligning with those who view cryptocurrencies as high-risk.
Divided Opinions in the Crypto Community
The crypto community has responded with disappointment, viewing the veto as a missed opportunity for Arizona to lead in blockchain innovation. On the other hand, traditional economists and risk-averse policymakers have praised the move as a responsible decision.
This veto adds to the ongoing national debate about the role of cryptocurrencies in public finance. While some states are exploring blockchain integration, others remain skeptical about the long-term viability of digital assets like Bitcoin.
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