Arizona Governor Katie Hobbs vetoed Senate Bill 1025, which aimed to define virtual currency and permit its investment by the state retirement system. Hobbs expressed concerns over the bill's risks, emphasizing the need for informed investments to protect Arizonans' retirement funds. The decision drew criticism from cryptocurrency advocates, who pointed to potential benefits for pension shortfalls. The broader national context includes discussions on the role of digital assets, with Trump's administration exploring a Bitcoin reserve and HUD considering blockchain technology despite opposition from Democrats. Reported volatility of crypto assets raises further concerns about their reliability as investments for public funds.
The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency.
Today, I vetoed Senate Bill 1025, Hobbs wrote last week in a letter to Warren Petersen, president of the state Senate.
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