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.
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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