Arizona Governor Katie Hobbs has vetoed a bill that would have allowed the state to include Bitcoin in its official reserves. Citing concerns over the use of public funds for untested assets, Hobbs emphasized that the Arizona State Retirement System is one of the strongest in the nation due to its sound investment practices. The bill, known as the Digital Assets Strategic Reserve, aimed to enable the state to invest seized funds into Bitcoin and manage a reserve overseen by state officials. This decision follows previous indications that Hobbs would veto legislation not supported by a bipartisan agreement on disability funding. The bill had received majority support in the state House but ultimately was not passed. Other states, like Oklahoma and Wyoming, have seen similar proposals stall or fail. In contrast, North Carolina's House recently approved a bill allowing the state treasurer to invest in certain cryptocurrencies, possibly signaling a different approach to managing digital assets at the state level. The move towards potential Bitcoin reserves has been reflected in broader discussions in the federal government, as some lawmakers advocate for creating national strategies around digital assets.

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