Business

Arizona Governor Rejects Bitcoin Reserve Bill

Arizona Governor Katie Hobbs has vetoed the Arizona Strategic Bitcoin Reserve Act, a bill that would have allowed the state to invest seized assets into Bitcoin (BTC).

Haider Jamal
May 5, 2025

A Short-Sighted Decision

The move sparked criticism from crypto advocates and lawmakers. Supporters like Jameson Lopp and Anthony Pompliano called the decision short-sighted, while Senator Wendy Rogers said Arizona “needs Bitcoin more than Bitcoin needs Arizona.”

Source: U.S. SEC

Rogers noted the state already holds shares in Michael Saylor’s Strategy (MSTR), calling it a “leveraged Bitcoin ETF.” She pledged to reintroduce the bill.

A Missed Opportunity

Hobbs defended the veto, citing the strength of Arizona’s retirement system. Bitcoin critic Peter Schiff backed her stance, arguing that public funds shouldn’t be used for crypto speculation.

Had the bill passed, Arizona would have been the first U.S. state to establish a Bitcoin reserve. Similar efforts have failed in other states including Oklahoma and Wyoming.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.