Arizona Governor blocks bill to create crypto reserve fund from seized assets – Here’s why

Key Points

1. Arizona Governor Katie Hobbs vetoed House Bill 2324, halting plans to create a 'Bitcoin and Digital Assets Reserve Fund' managed by the State Treasurer.

2. This marks Governor Hobbs' third veto of Bitcoin-related legislation, indicating Arizona's cautious approach to cryptocurrency in public finance.

3. The bill had previously been approved by the Arizona House with a 34-22 vote but was rejected by the governor, who stated it would undermine local law enforcement cooperation.

4. While Arizona maintains strict regulatory measures, other states like Texas and New Hampshire have taken more assertive steps toward establishing dedicated Bitcoin reserves.

5. Governor Hobbs approved House Bill 2749, suggesting a nuanced approach to digital asset legislation despite multiple rejections of crypto-related bills.