Arizona Governor Calls Cryptocurrency an 'Unproven Investment', Rejects Bitcoin Reserve Bill
Senate Bill 1025 sought to establish a government digital asset reserve.
By Francisco Rodriguez | Edited by Aoyon Ashraf May 3, 2025, 4:01 PM
What you should know:
- Arizona Governor Katie Hobbs has rejected a bill that would have allowed the state to invest in Bitcoin using confiscated funds.
- The bill could make Arizona the first U.S. state to include Bitcoin in its financial reserves.
Arizona has no plans to invest in Bitcoin (BTC) at least this year.
On Friday, Gov. Katie Hobbs rejected a bill that would have allowed the state to include the digital asset in its official reserves.
The bill, known as Senate Bill 1025, proposed using the forfeited funds to invest in BTC and form a state reserve of digital assets. After the state House narrowly approved it by a vote of 31-25, the bill went to Governor Hobbs, where it was quickly rejected.
“Arizona's retirement system is one of the most robust in the nation because it makes sound and proven investments. Arizonans' retirement funds should not be a place to experiment with unproven investments like virtual currency,” Hobbs said.
The veto ended efforts that could have made Arizona the first state to create a cryptocurrency reserve, and even beat the U.S. Treasury Department to the punch.
Read more: As one nation approaches crypto reserve, others enter the fray
