Arizona Governor Katie Hobbs vetoed a bill that would have allowed the state’s pension system and treasury to invest in cryptocurrencies.
The bill had been passed by the state’s Republican-majority Senate and House of Representatives, and aimed to enable investments in digital currencies like Bitcoin. However, Governor Hobbs argued that cryptocurrencies are not suitable for use in secure areas like pension funds. She also announced that she would not sign any other legislation until a solution is found to protect healthcare services in the state.
The veto sparked a strong reaction from the crypto community. Bitcoin Magazine CEO David Bailey criticized the decision, stating that it would deprive Arizona of a significant opportunity. Similar bills have been proposed in states like Iowa, Missouri, and Texas, but none have become law yet.
The development in Arizona has reignited discussions around cryptocurrencies, with some arguing that this technology could be a crucial investment tool in the future.
