Arizona Vetoes Bitcoin Reserve Bill
Arizona Governor Vetoes Bitcoin Reserve Bill
Arizona Governor Katie Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, a bill that would have permitted the state to invest seized funds in Bitcoin and establish a state-managed reserve. This decision has drawn sharp criticism from prominent Bitcoin supporters and crypto community members.
Backlash from Bitcoin Community
The veto sparked immediate backlash. Jameson Lopp, Casa co-founder, predicted the decision would "age poorly." Anthony Pompliano, a Bitcoin entrepreneur, criticized the Governor's "ignorance," stating that her inability to outperform Bitcoin's returns indicated a need to invest in it. Crypto lawyer Andrew Gordon emphasized the need for government officials who understand the future of Bitcoin and cryptocurrency.
State Representative Wendy Rogers, a bill co-sponsor, expressed disappointment, highlighting Arizona's investment in Michael Saylor's Strategy (MSTR), a Bitcoin-focused company, while stating that "Arizona needs Bitcoin." She intends to refile the bill in the next session.
Arguments Against the Bill
Not everyone opposed the veto. Peter Schiff, a well-known Bitcoin skeptic, supported Governor Hobbs' decision, arguing that government funds shouldn't be used for cryptocurrency speculation. He believes the government should not engage in such investments.
State of Bitcoin Reserve Bills in the US
Arizona is not alone. Similar proposals in Oklahoma, Montana, South Dakota, and Wyoming have faced setbacks or been withdrawn recently. Had it passed, Arizona would have been the first US state with an official Bitcoin reserve.
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