Katie Hobbs, the Governor of Arizona, vetoed Senate Bill 1025, effectively ending the state’s hopes of having a Bitcoin treasury. There is another Senate Bill in the works, but Hobbs will most likely veto that. Hobbs announced the veto proudly, saying that the state has one of the strongest retirement systems in the country because politicians like herself make sensible investment decisions. Arizona was first in the race to create a crypto treasury . Sadly, many crypto supporters in Arizona will have no crypto treasury for at least a year. The Senate Bill 1025 would have allowed the state to invest up to 10% of public funds into crypto. Many retirement groups protested the bill because they felt politicians were gambling away their pensions on Bitcoin. Wendy Rogers, co-sponsor of the bill, voiced her disappointment and pointed out that Arizona’s retirement funds have already been invested in Saylor’s software company, Strategy, which has the world’s most extensive corporate Bitcoin treasury. Rogers said that Bitcoin doesn’t need Arizona, but that Arizona needs Bitcoin. Rogers promised supporters that she would refile another Senate Bill and, through persistence, get the bill passed. Strategy’s stock price rose around 30% in April, most assuredly adding value to Arizona’s robust retirement system. Hobbs, moreover, has a history of vetoing bills. She even threatened to veto all bills until disability legislation was resolved. In 2025 alone, she has vetoed 75 bills, more than all of 2024, which had 74 bills, but less than her record of 143 bills, which she vetoed in 2023, a record for an Arizona governor. There were two Senate Bills on Hobbs’ desk, awaiting approval: the 1025 bill she just dropped, and another 1373 bill, which she will most likely veto, due to her history of vetoing bills, especially those of investments she deems highly risky. North Carolina, meanwhile, has stepped up efforts to win the race for Bitcoin legislation . North Carolina has just passed a bill that allows for a 5% allocation of public funds to crypto investments. However, North Carolina could suffer the same fate as Arizona if certain politicians judge crypto as a speculative asset, not a serious asset. Some politicians may reject a Bitcoin reserve because President Trump is endorsing it at the federal level. Investors from the crypto industry may lament that Arizona has missed out on an opportunity to embrace a new technology. New Hampshire is another runner-up state in the Bitcoin race, with local politicians believing their state will be the first to make history. However, others are paying close attention to Texas, which is also a runner-up state, but with much more momentum, suggesting it could be the winner. Arizona rejected the bill, in part because of factional divisions in state government. Hobbs admits that she would veto bills until disability legislation is passed. Bitcoin, after all, is just one issue facing the American public, and it may have to come second to other, more pressing matters, such as disability funding.
