- The Bitcoin Reserve Bill from Arizona was pronounced Veto despite the fact that he has passed a narrow house voice.
- North Carolina promotes crypto investment legislation in the midst of stuck efforts in other US states.
As an interest in Bitcoin [BTC]The role of financial planning at state level is growing at state level, Arizona attracted short national attention with his daring proposal.
Arizona withdraws Bitcoin Reserve Bill
The State House has narrowly adopted Senate Bill 1025, the “Arizona Strategic Bitcoin Reserve Act”, which aimed to establish Bitcoin Holdings in the official reserves of Arizona.
The legislation would have enabled government officials to manage a digital assets reserve that is financed by seized money, so that Arizona is placed as a pioneer among the US states.
However, the momentum was stopped when Governor Katie Hobbs veto The bill, abruptly ending the effort to integrate Bitcoin into the financial strategy of the state.
Hobbs wrote in a statement aimed at Warren Petersen, the president of the Senate of Arizona, and said:
“Today I pronounced a veto for Senate Bill 1025. The pension system of the state of Arizona is one of the strongest in the nation because it makes solid and informed investments.”
She added,
“The pension funds of Arizonans are not the place for the state to try not -tested investments such as virtual currency.”
What is more?
The limited approval of Arizona’s house of the Bitcoin Reserve Bill on 28 April meant an important step in the direction of the integration of digital assets at the state level.
Despite this progress, Governor Katie Hobbs followed her earlier posture, with the veto of the bill due to the absence of two -part consensus on disabilities.
She had before stated“
“Every bill that is not yet on my desk is pronounced a veto until we have a serious, dual financing solution that protects healthcare for Arizonans with disabilities.”
In the meantime, a related proposal remains, SB1373, which enables the treasurer to invest up to 10% of the rainy day fund of Arizona in digital assets such as Bitcoin, pending a final vote.
Other states and the status of federal level on Bitcoin Reserve
The attempt by Arizona reflects a wider trend in the US, where similar legal efforts in states such as Oklahoma, Montana, South Dakota and Wyoming have not received either.
While the Bitcoin Reserve proposal of Arizona Veto was pronounced, North Carolina is moving forward with a more measured approach.
On April 30, the State House of the State approved the Digital Assets Investment Act, so that the treasurer released the way to allocate up to 5% of the selected funds to approved cryptocurrencies.
The bill is now waiting for the consideration in the Senate.
These initiatives at state level reflect a broader story that takes place at the federal level, where former President Donald Trump and important Republican allies have argued for a strategic bitcoin reserve.
Despite an executive order issued in March, the market sentiment is displayed, reflected in polymarket factsShowed zero confidence that such a reserve would arise within the first 100 days of Trump, which indicates skepticism about fast federal adoption.