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Arizona’s Bitcoin Bill Collapse: The Real Story Behind the Veto
In a shocking turn of events, Arizona Governor Katie Hobbs vetoed Senate Bill 1025, which aimed to establish a strategic Bitcoin reserve. This decision came despite the bill receiving a narrow approval from the state House just days prior. So, what led to this collapse in momentum?
According to reports, Governor Hobbs’ veto was not related to the merits of investing in Bitcoin or digital assets but rather the absence of bipartisan consensus on disability funding. The governor had earlier expressed her stance on prioritizing healthcare for Arizonans with disabilities, stating that any bill not already on her desk would be vetoed until a serious and bipartisan funding solution is reached.
It appears that the governor’s decision to veto the Bitcoin reserve bill was a calculated move to apply pressure on lawmakers to find a compromise on disability funding. This development highlights the increasing politicization of cryptocurrency at the state level, with governments seemingly using digital assets as bargaining chips in broader legislative negotiations.
Meanwhile, North Carolina is moving forward with its own proposal, having passed the Digital Assets Investment Act through the House. If this bill clears the Senate and becomes law, it will authorize the state treasurer to invest up to 5% of select funds into approved cryptocurrencies. This development underscores the diverging paths taken by states in their approaches to digital assets.
The recent collapse of Arizona’s Bitcoin reserve bill has sent shockwaves throughout the cryptocurrency community, with some wondering if this marks a turning point in the trend of US states embracing digital assets. However, it remains unclear whether this setback will deter future efforts or simply serve as a temporary pause.
As interest in state-level cryptocurrency initiatives continues to grow, it will be crucial for policymakers and market participants alike to monitor the progress of these bills and any subsequent changes to existing legislation.
Source: https://ambcrypto.com/what-caused-arizonas-bitcoin-bill-to-collapse-just-as-momentum-was-building/
