Arizona Governor Blocks Bitcoin Reserve Bill, Cites Risk to Retirement Funds

The bill aimed to establish a Digital Assets Strategic Reserve using seized funds, potentially making Arizona the first U.S. state to formally hold Bitcoin.

Governor Hobbs firmly rejected the proposal on Friday, arguing that Arizona’s strong retirement system should not be exposed to unproven digital assets.

“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” she stated. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.”

READ MORE:

Binance Bitcoin Funding Turns Deeply Negative for First Time Since Sep 2024

The decision effectively halts the state’s efforts to incorporate Bitcoin into its treasury and underscores ongoing skepticism among some state officials toward crypto as a public financial instrument.

The post Arizona Governor Blocks Bitcoin Reserve Bill, Cites Risk to Retirement Funds appeared first on Coindoo.