PANews reported on May 4 that according to documents on the Arizona official website, Arizona Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which would have allowed public funds to be invested in virtual currencies. Hobbs said in her veto statement that the Arizona Retirement System is one of the strongest retirement systems in the United States, thanks to its sound and wise investment strategy. She emphasized that the state's retirement funds are not suitable for trying unproven investments such as virtual currencies.
According to reporter Eleanor Terrett, there are two other bills on the governor's desk - one of which is similar to the first and allows the state treasurer to invest in BTC or crypto-related ETFs. The third bill, sponsored by a member of the House of Representatives, may be more likely to pass. The bill would allow third-party exchanges such as Coinbase to send unclaimed cryptocurrencies to the state government in their native form, rather than liquidating them as required by current law.
