Arizona Halts Bitcoin Reserve Plan as Governor Vetos Bill

Arizona Governor Katie Hobbs has recently vetoed Senate Bill 1025, which would have let state invest in digital assets like Bitcoin ($BTC). According to VanEck’s Head of Research Matthew Sigel, Arizona Governor Katie Hobbs has highlighted apprehensions over untested nature and volatility of digital assets while vetoing the Senate Bill 1025. The VanEck executive took to his official social media account to discuss the Arizona Governor’s rejection of the Senate Bill 1025. Arizona Governor Ignites Wider Debate by Vetoing Strategic Bitcoin Reserve Act Matthew Sigel mentioned the importance of the Senate Bill 1025 in allowing digital asset investment by the State of Arizona. Hence, the bill called Arizona Strategic Bitcoin Reserve Act proposed allowance for investment in diverse digital assets such as Bitcoin ($BTC). However, the Arizona Governor’s letter addressed to the Senate President Warren Petersen indicates several concerns over investment in digital assets. In this respect, the letter points toward their volatility as well as the untested nature. Keeping this in view, the Arizona Governor has asserted the significance of informed and committed investments for retirement funds. Trending Now: Bitcoin Set for $100k as ETFs Buy 3,215 $BTC worth $311 Million Based on these factors, Governor Hobbs has vetoed the bill, which was co-sponsored by Jeff Weninger and Wendy Rogers. On the other hand, after its approval, it would have made the State of Arizona the 1st U.S. state to embrace such a policy. However, this veto has triggered a resilient response among the crypto supporters. Likewise, Matthew Sigel has also expressed disappointment. He asserted that the Governor unfairly categorized Bitcoin as not a sound and untested investment. Additionally, he persuaded the citizens to respectfully go to the Governor, urging her to reconsider the decision. Bill Aligns with Hobbs’ Hardlined Stance on Financial Security The decision by Governor Hobbs to reject the Bitcoin Bill reflects her wider stance when it comes to financial security. Nonetheless, it is unlike the decisions taken by North Carolina’s House. It has reportedly approved the Digital Asset Investment Act. The bill allows the treasurer to invest nearly five percent of particular funds linked to authorized digital assets.