Arizona Halts Bitcoin Reserve Plans; Market Remains Steady

Arizona’s ambitious plans to invest in Bitcoin for its retirement fund have been halted after Governor Katie Hobbs vetoed a key bill. The decision comes amid growing regulatory scrutiny, with Arizona joining other states that are facing resistance to crypto-backed state funds. While the move marks a setback for advocates of digital assets in the state, Bitcoin continues to hold strong above $96,000. Governor Hobbs cited concerns about volatility and untested investment strategies when vetoing the bill, signaling a shift towards more traditional approaches for Arizona’s retirement fund management.