Arizona Governor Rejects Bitcoin Reserve Bill, Calls It “Untested Investment”

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Governor Katie Hobbs of Arizona has vetoed the state’s Strategic Bitcoin Reserve legislation, despite its approval by both the House and Senate. She expressed concerns about Bitcoin being an “untested investment,” which led to her decision to block the bill. This move halts efforts to create a state-backed Bitcoin reserve, emphasizing the uncertainty around the cryptocurrency’s long-term stability. Governor Hobbs’ veto marks a significant setback for advocates of Bitcoin adoption in the state.