The Governor of Arizona vetoed the Senate Bill, which proposed establishing a Digital Assets Strategic Reserve Fund that would hold crypto appropriations. On Monday, Governor Katie Hobbs denied Senate Bill 1373, stating that the current market volatility doesn’t make it “a prudent fit for general fund dollars” to be put at risk. However, “I have already signed legislation this session that allows the state to utilize cryptocurrency without placing general fund dollars at risk, which is the responsible path to take,” said Hobbs. She expressed her disapproval of the bill in a letter addressed to the President of the Senate, Warren Petersen.
In addition to this latest rejection, Hobbs also vetoed Senate Bill (SB) 1025, “Arizona Strategic Bitcoin Reserve Act”, last week. The SB 1025 sought permission to allocate 10% of the state treasury and retirement funds to digital assets and Bitcoin.
Interestingly, Arizona will join the listicle as the 10th state to reject similar Bitcoin reserve legislation. Florida, Oklahoma, Utah, New Mexico, Montana, and Pennsylvania are some of the states that have rejected the Bitcoin reserve legislation.
Meanwhile, there seems to be vetoing not just at the state level but at the congressional level, too. A few weeks ago, the GENIUS Act, which seeks to regulate stablecoins, also could not clear the floor, as it lost 48-49. The act needed 60 votes to pass to the final stage. With 53 republicans, it needed just 7 more democrats to support the bills. However, at the end of the vote, data revealed that not all republicans voted in favor of the bill. It will be interesting to see how the pro-crypto Trump administration will handle these rejections.
