Arizona Governor Katie Hobbs knocked back another attempt to establish a state-controlled Bitcoin Reserve that would have included other digital assets seized from criminal proceeds.
“The bill ignores local law enforcement agencies helping to confiscate digital assets by removing assets seized from local jurisdictions.” Rejection letter It was addressed to House Speaker Steve Montenegro in connection with House Bill 2324.
The law passed the Arizona House of Representatives 34-22 votes After the first mistake last month in May.
Hobbs’ veto marks her third denial of Bitcoin-related law, following the previous veto of two Senate bills in May, followed by the rejection of two Senate bills, the state’s financial surgery and retirement system. assign Up to 10% of the state’s funds will be held in Bitcoin and through the codes obtained through Crucifixion.
The governor rejected another bill in the same month. This allowed Arizona agencies to accept crypto payments for fines, taxes and fees through contracts with reviewed service providers.
Hobbs consistently points out market volatility as a key concern, writing in May that “current volatility in cryptocurrency markets is not suitable for general funds.”
“Bitcoin natives consider volatility to be a function, and one BTC is always 1 BTC,” says Pranav Agarwal, independent director of Jet King India – Japan’s first Bitcoin finance company – Decryption.
“For public disclosure like the governor, Hobbs must take a sectarian stance on Fiat,” he added. “Volatility and massive drawdowns can hurt her image, as they are reckless or cavalier.”
But she signed House Bill 2749 In May, the state can keep unclaimed crypto in its native form, rather than converting it into cash.
Other states such as Texas and New Hampshireis adopted Strategic Bitcoin ReserveArizona maintains more stringent surveillance of public funding exposure to the crypto market.
Despite repeated vetoes posing questions about Arizona’s crypto-friendly credentials, Agarwal believes its impact could be limited.
“The future governor can look at the opposite side. In the long run, they won’t change the outlook for a state that is considered cryptography or be cryptography-friendly,” he said.
edit Sebastian Sinclair
