The governor of the state of Arizona, Katie Hobbs, opposed her veto to a legislative bill which would have enabled the creation of a bitcoin reserve. The state of the Grand Canyon joins an increasing list of other American states where legislative efforts to direct the state investment in Bitcoin have turned out to be vain.
Bitcoin, crypto an undertaken investment, says Governor Hobbs
In an executive letter dated May 2, Governor Katie Hobbs of Arizona opposed his veto to the Senate Bill 1025 which aimed to adopt the adoption of digital assets within the framework of official state reserves.
More specifically, SB 1025 would have allowed the Treasury of the State of Arizona to allocate 10% of its assets managed in Bitcoin and other virtual assets. In addition, the bill also proposed the creation of a strategic reserve fund for digital assets designed to contain all the cryptographic assets seized with criminal and illegal operations.
In particular, the House of the Arizona Senate, led by Hon. Warren Petersen approved the bill during a highly contested vote of 31-25 on April 29 in a decision to become the first state to establish a Bitcoin reserve after the American federal government.
However, Governor Hobbs aligned himself with the dissident votes and rejected the provisions of SB 1025 during the presentation for the approval of the executives. The former social worker and head of the Senate minority communicated this decision to the President of the Senate Petersen, invoking the credibility of digital assets as an investment.
The governor of the state of Arizona said:
Today, I have opposed its veto to the Senate bill 1025. The retirement system of the Arizona State is one of the strongest in the country because it makes solid and enlightened investments. Arizonans’ retirement funds are not the place where the state is trying to invest not tested such as virtual currency.
Following this development, Arizona abandoned the race so that the first US state created a bitcoin reserve after the Donald Trump administration to establish a friendly environment in the United States.
Sixteen American states have introduced legislation linked to the creation of a Bitcoin reserve. States such as New Hampshire, in North Carolina, have successfully passed the chamber committees. Meanwhile, states like Oklahoma, Pennsylvania, Northern Dakota, Wyoming, Montana, South Dakota and now Arizona have rejected their reserve bill.
Presentation of the cryptography market
At the time of the press, the total cryptography market is estimated at 2.99 billions of dollars after a drop of 0.82% during the last day. Meanwhile, the total trading volume is now valued at $ 48.77 billion.
Bitcoin, the first cryptocurrency, has seen a market rebound in the past two weeks and is now valued at $ 96,011. Other best cryptographic assets, including Ethereum, Solana and XRP, also followed the main cryptocurrency, reporting respective gains of 2.11%, 26.75% and 6.88% in the last month.
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