Arizona Governor Katie Hobbs has decided to block bill SB1025, which proposed the possibility of investing in cryptocurrency. She expressed the view that virtual assets are “unreliable investments.”
This is reported by Finway
It is worth noting that at the end of April 2025, the Arizona House of Representatives approved two bills — SB1025 and SB1373. The first bill allows investment in certain crypto assets, including the use of pension fund money. The second bill has similar provisions but contains several nuances.
Assessment of Investment Risks
In an accompanying letter to her decision, the governor stated:
“The Arizona pension system is one of the most reliable in the country, as its investments are sound and verified. The pension funds of Arizona residents are not the place for the state to test unproven investments like virtual currency.”
Katie Hobbs had previously indicated that she intends to use her veto power on any bill until a budget for healthcare is approved. However, in her latest address, she emphasized that the reason for her refusal was specifically the nature of the investments.
Criticism from the Bitcoin Community
Hobbs’ decision has sparked outrage among members of the Bitcoin community. One Twitter user, Karl Steinkamp, wrote:
“Everyone in Arizona should be outraged. Some folks, like @katiehobbs, have such arrogance. If the US government is but moments away from buying 200K per year (~$94M of bitcoin PER DAY), what is she missing? Maybe I’ll send her office the Bitcoin Standard from @saifedean.”
Bill SB1025 will now be returned for further review in the House of Representatives. The status of SB1373 remains unclear at the time of writing, but experts from Bitcoin Laws believe its chances of approval are higher since it does not include pension funds as a source of investment financing.