Arizona senator vows to reintroduce Bitcoin reserve bill despite governor’s veto

Arizona State Senator Wendy Rogers says she will bring back her proposed Strategic Bitcoin Reserve (SBR) bill in the next legislative session.

This comes after Governor Katie Hobbs rejected the initial bill, marking the first time a sitting US governor has formally blocked such a crypto initiative.

Senator Rogers shared her plans over the weekend, expressing disappointment at the decision. She argued that Bitcoin is no longer a fringe idea but a tested financial innovation.

She said:

“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin. I will refile my bill next session.”

The SBR bill, officially known as Senate Bill 1025, authorized the state treasurer to allocate some of Arizona’s retirement funds to Bitcoin.

The bill passed both chambers of the state legislature without changes but was vetoed by Governor Hobbs, who labeled digital currencies as “untested” and risky for long-term savings.

Nonetheless, Rogers appears undeterred by the governor’s opposition to her Bitcoin reserve bill, saying a future governor might support the proposal if Hobbs vetoes her refiled bill during the next session.

She said:

“If she vetoes it again, I am sure Governor Andy Biggs will be happy to take credit for signing the bill for this already proven (16 years!) innovation that will protect our wealth.”

Interestingly, data shared by Bitcoin Laws founder Julian Fahrer shows that the Arizona State Retirement System (ASRS) already has indirect exposure to Bitcoin through holdings in Strategy, the largest corporate holder of the top crypto.

What’s next for Arizona?

Although SB1025 is off the table for now, Arizona’s involvement in crypto legislation is far from over.

Another crypto-related proposal, Senate Bill 1373, is still under consideration.

Unlike SB1025, this bill doesn’t involve retirement savings. Instead, it seeks to allow the state to retain and manage cryptocurrencies obtained through seizures or appropriated assets.

However, it is unclear if the governor would accede to this bill, considering her opposition to SB1025.

Meanwhile, market observers have suggested that SB1373, due to its administrative nature, might have a better chance of securing Governor Hobbs’ approval.

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