The governor of Arizona, Katie Hobbs, opposed a veto to another Bitcoin reserve bill (BTC). The Bill 2324 bill sought to establish a “Bitcoin and Digital Assets reserve fund” funded by the confiscation of criminal assets.
This marks the third veto of a bill on the reserve of digital assets in the current legislative session, highlighting a cautious approach to incorporate the cryptocurrency in the financial framework of the State.
The Bitcoin reserve bill of Arizona dies after the veto of Governor Hobbs
Beincryptto said the bill had initially failed a final vote in early May. However, legislators relaunched it at the end of June and adopted a vote in the Senate. On June 24, HB 2324 cleared the room with a 34-22 vote.
However, the bill is now officially dead with the veto of Governor Hobbs. In her veto letter, addressed to the Steve Montenegro Chamber’s speaker, she cited concerns about the impact of local law enforcement laws.
“Today, I have opposed his veto to the bill of the Chamber 2324. This bill dissuades local police from working with the state on the forfeiture of digital assets by removing the assets of local jurisdictions,” said the letter.
This veto follows the rejection of two previous bills, the Senate bill 1025 and the Senate bill 1373. The first was aimed at allowing the State to invest up to 10% of its public funds in Bitcoin or other digital assets.
SB 1373 proposed to finance the strategic reserve fund for digital assets with digital assets seized by the State, additional funds appropriate by the Arizona legislature and has enabled new state investments. In addition to reserve invoices, Governor Hobbs also vetoed Bill 1024 of the Senate.
Despite these vetos, Arizona has not completely abandoned the concept of digital asset reserves. HB 2749, signed on May 7, establishes a reserve funded by non -claimed goods, in particular virtual currencies, paratroopers and awards for staking.
This bill does not authorize direct investments in cryptocurrencies. However, it represents a compromise which avoids using public funds while integrating digital assets in public finances. This is aligned with the conservative approach to its administration to manage taxpayers’ money.
Meanwhile, Connecticut has adopted a stricter position. On June 30, Governor Ned Lamont signed a bill which prohibited the State and its subdivisions from accepting virtual currency for payments or buying, holding, investing or creating digital asset reserves.
Although the opposition exists, the momentum for Bitcoin reserves at the level of the state is always solid. According to the latest data from Bitcoin laws, there are currently 17 invoices active in eight different states. This indicates that, despite the resistance, there is an interest and continuous efforts to establish Bitcoin reservations at the level of the state.
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