Arizona Governor Katie Hobbs has subjected Senate Bill 1025, which authorized the state to create a Bitcoin reserve.
The decision, made on May 2, marked the first time a United States governor rejected an initiative supported by the State of the Bitcoin Reserve (SBR), despite growing interest in such steps in many states.
Arizona's Bitcoin Reserve has been retired despite Bipartisan support
In a letter to Senate President Warren Petersen, Hobbs emphasized that the Arizona State Retirement System (ASRS) should continue to prioritize stable, orderly investment.
He described the virtual currencies as “not witnessed” and was not suitable for the saving of the retirement of Arizona residents.
“The Arizona state retirement system is one of the most powerful in the country because it is doing well and knowledgeable in investments. Nakasa said.
Governor Hobbs's stance reflects the broader doubt within the democratic party to the integration of crypto into the state's financial systems.
It also follows shortly after the Arizona legislature who has historically been the first of the US to pass an SBR bill in the same room – the support of the Bipartisan.
Meanwhile, Senate Bill 1025 is one of two measures associated with the digital asset passed on the HobBs 'desk' in this session.
Second, Senate Bill 1373, will give Arizona the authority to maintain cryptocurrencies obtained through legal seizures. It will also give the State Manager's power to lend these properties to generate additional income.
The status of this bill remains unclear in the opposition of the Hobbs on SB 1025.
Arizona has now joined a group of states – including Oklahoma, Montana, North Dakota, and Wyoming – where efforts to formalize bitcoin reserves have stuck or failed.
However, momentum continues elsewhere. New Hampshire is about to be a potential success, with the SBR proposal that advances to the previous committee review and is currently awaiting a full vote in the second legislative room. If approved, it will continue with the governor for the final consideration.
At the national level, Senator Cynthia Lummis accepted recent support from President Donald Trump for his plan to establish a federal bitcoin reserve.
“The Bitcoin Act is the only solution to our country's $ 36T debt. I am grateful to a president who thinks not only recognizes it, but acting on it,” Lummis Nakasa said.
Lummis insists on the Bitcoin Act Bill, which will allow the US to gain up to 1 million BTC in five years. Lawmakers claim that such a move will help strengthen US fiscal policy and enhance the role of the country in global financial change.
Refusal
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