Arizona’s Bitcoin Reserve Flops—Governor Channels Aunt Agatha and Says “Not in My Desert!”

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In a move that sent crypto enthusiasts reaching for the nearest restorative gin and tonic, Arizona Governor Katie Hobbs vetoed Senate Bill 1025—yes, that’s the one that would’ve let Arizona stash Bitcoin like it was Bertie Wooster’s last bottle of the good stuff. 🥃💸

May 2 shall forever be celebrated, or wept over (depending on your cryptocurrency holdings), as the day a US governor first gave such a strategic Bitcoin reserve (SBR) proposal the old heave-ho—despite such bills gaining admirers faster than a well-dressed dachshund at the Drones Club in several other states.

Arizona’s Dream of a Bitcoin Piggy Bank Vetoed—Even With Bipartisan Backpatting

In a letter to Senate President Warren Petersen, Hobbs declared, in effect, “No funny business with the pension fund!” She insisted that the Arizona State Retirement System (ASRS) must keep a stiff upper lip and avoid investments that are more untested than a valet on his first day below stairs.

Virtual currencies, according to the governor, are about as suitable for retirees’ nest eggs as a roulette wheel in a nursery.

“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,” said Governor Hobbs, channeling the stern spirit of a headmistress faced with an unruly class of Bitcoin maximalists.

Hobbs’ veto, it seems, is in keeping with a certain Democratic tendency to greet crypto-based innovation with a mixture of suspicion and the faint aroma of mothballs. And this all landed just after Arizona’s legislature crowed over passing an SBR bill in both chambers—with everyone shaking hands so vigorously you feared someone’s cufflinks might go flying.

Apparently, the fun-loving pols sent not one, but two digital asset bonanzas to Hobbs’ desk this legislative season. (Is this a legislative agenda or a particularly reckless casino night?) The second, Senate Bill 1373, proposes letting Arizona hold onto any Bitcoin found in the backseat during police stops or similar shenanigans, and even loan them out for a spot of extra income. Ah, modern government: part regulator, part crypto day-trader.

The fate of this second bill is murkier than Jeeves’ opinions on loud cravats, especially after the drubbing its sibling received.

So where does this leave Arizona? Why, right in the club with Oklahoma, Montana, North Dakota, and Wyoming—a select band of states whose dreams of glistening Bitcoin reserves have so far ended in something of a damp squib. 🍸🤦‍♂️

But the sport isn’t over elsewhere. New Hampshire, always fond of sharp innovation and even sharper winter winds, is dashing forward with its own SBR proposal, which has leapt the committee hurdle and now awaits further legislative palaver. If successful, it’ll present itself at the governor’s door with all the anticipation of a suitor on Valentine’s Day.

Meanwhile, not to be outdone, Senator Cynthia Lummis waltzed onto the national stage, flanked by President Donald Trump’s public approval, to tout her BITCOIN Act—a grand plan for the US to scoop up one million BTC over five years. Lummis claims this gambit will add a bit of starch to US fiscal policy and polish America’s reputation as a captain of global financial innovation. 📈🦅

“The BITCOIN Act is the only solution to our nation’s $36T debt. I’m grateful for a forward-thinking president who not only recognizes this, but acts on it,” trumpeted Lummis, seizing the opportunity with all the élan of a waiter announcing the arrival of the souffle.

Will the desert bloom with blockchain bonanza or will Arizona’s dalliance with digital dosh remain a cocktail party anecdote? Tune in next session—same time, same cryptocurrency channel. 🚀

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2025-05-03 15:36