Arizona Governor Vetoes Bill Allowing State Bitcoin Investments

Arizona's Governor Katie Hobbs vetoed the Senate Bill 1025, which would have allowed state funds to invest up to 10% in Bitcoin and other cryptocurrencies. This decision makes Arizona the sixth US state to reject such a proposal, joining Montana, North Dakota, South Dakota, Wyoming, and Pennsylvania. The governor cited the need for informed investments for retirement funds.

Senate Democrats Withdraw Support from Stablecoin Bill

Nine pro-crypto Senate Democrats reversed their support for the current stablecoin bill. Reasons include:

Demand for enhanced national security and anti-money laundering provisions
Concerns raised by Senator Elizabeth Warren regarding conflicts of interest connected to crypto dealings

Despite this, discussions continue on reworking the bill for future passage.

Key Takeaways

Veto of SB1025 limits Arizona's investment in Bitcoin
Stablecoin bill faces opposition but remains under consideration