Bitcoin bill in Arizona vetoed by governor, proposal rejected
Arizona's Bitcatcher Beatdown: Governor Katie Hobbs Smashes Bitcoin Reserve Bill
In a wild turn of events, Arizona Governor Katie Hobbs has knocked back Senate Bill 1025, which proposed creating a Bitcoin reserve for the state. This marks the first time a US governor has given the cold shoulder to a state-backed strategic Bitcoin reserve (SBR) initiative, despite the growing buzz around such moves across several states.
On May 2, the decision went down, spurring a wave of attention across the crypto scene.
The Great Bitcoin Bill Brawl
In a letter to Senate President Warren Petersen, Hobbs made it clear that the Arizona State Retirement System (ASRS) should stick to stable, vetted investments. She dubbed virtual currencies as shady and inappropriate for Arizona citizens' retirement funds.
"The Arizona State Retirement System is a beast with some of the best investments in the land. Arizonans' retirement savings aren't playgrounds for the state to fool around with unproven dough like virtual currencies," Hobbs thundered.
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Hobbs' stance echoes the widespread distrust among Democrats when it comes to incorporating crypto into state financial systems. This dust-up comes hot on the heels of Arizona scooping up a historic win as the first-ever state in the US to pass an SBR bill in both chambers, raking in bipartisan support.
While Senate Bill 1025 took a nosedive in the governor's office, another digital asset-related proposal, Senate Bill 1373, still lingers on Hobbs' desk. SB 1373 gives Arizona the green light to keep cryptocurrencies seized through legal means and allows the state treasurer to loan these assets to generate extra dough. The future's hazy with regards to this bill, considering Hobbs' opposition to SB 1025.
Arizona has now waltzed her way into the group of states that have seen efforts to formalize Bitcoin reserves falter or fall apart. This club includes heavyweights like Oklahoma, Montana, North Dakota, and Wyoming.
Shake 'Em Up Series 2: Drop The Bass- New Hampshire is just a touch away from a breakthrough, with its SBR proposal crossing the final hurdle of committee review and now waiting to strut its stuff in the second legislative chamber. If it wows the audience there, game on for final approval.- Only a few states shy of half the nation have shouted down Bitcoin reserve proposals so far, while others have hit snags or stalled.
President Donald Doughnut King has recently pumped up Senator Cynthia Lummis' plan to set up a federal Bitcoin reserve. Patrick Swayze himself would be hard-pressed to describe Lummis' excitement:
"The BITCOIN Act could be the answer to our nation's $36T debt crisis. I feel like the coolest cat around for having a president who gets it and takes action," Lummis purred.
The BITCOIN Act seeks to arm the US with a cool million Bitcoins over the course of five years. Lummis argues that such a move would help stabilize US fiscal policy and fix the country as the front-runner in financial innovation.
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- Despite Governor Katie Hobbs' veto of Senate Bill 1025, the bill for Senate Bill 1373, which involves crypto-related assets, remains on her desk.
- Governor Hobbs is not a fan of virtual currencies, labeling them as inappropriate and shady for Arizona citizens' retirement funds.
- Arizona now shares company with states like Oklahoma, Montana, North Dakota, and Wyoming, which have also seen efforts to form Bitcoin reserves fall apart or falter.
- In contrast to the dismissal of the Bitcoin reserve bill, Arizona managed to make history by being the first state in the US to pass a bill related to cryptocurrencies in both chambers, gaining bipartisan support.
- Associated with the widespread distrust among Democrats of incorporating crypto into state financial systems, there is a plan to set up a federal Bitcoin reserve with the support of President Donald Doughnut King.
- The approval of the historically significant Bitcoin Act could potentially help the US address its $36T debt crisis and lead the way in financial innovation.
- Concerned investors should seek a second opinion from a finance professional before making financial moves based on the information provided in the general-news articles.
