TechFlow news, May 5 — According to Crowdfund Insider, Arizona Governor Katie Hobbs vetoed Senate Bill 1025 (SB1025), which would have allowed the state's retirement funds to invest in virtual currencies including Bitcoin.
In a letter to Senate President Warren Petersen, Hobbs stated that her veto was intended to safeguard the stability of the Arizona State Retirement System (ASRS). She emphasized that Bitcoin and other digital currencies remain volatile and inadequately regulated, making them unsuitable for public fund investments.
The bill had previously passed the state House by a narrow margin of 31 votes in favor and 25 opposed. If approved, it would have made Arizona the first U.S. state to include Bitcoin in its official reserve strategy. Currently, similar proposals in states including Oklahoma, Montana, South Dakota, and Wyoming have been stalled or withdrawn.
