Arizona Governor Vetoes Bill Promoting Digital Asset Investment

Arizona Governor Katie Hobbs has vetoed SB 1025, a bill that would have established a ‘Digital Asset Strategic Reserve.’ This legislation, passed by the state House and Senate, would have allowed Arizona’s treasury and pension systems to invest up to 10% of their funds in cryptocurrencies, with a specific emphasis on Bitcoin. Governor Hobbs has expressed skepticism about cryptocurrency investments, citing their lack of verification as a key factor in her veto decision.