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Hobbs Vetoes Controversial Bitcoin Reserves Bill!
Arizona Gov. Katie Hobbs Vetoes Bitcoin Reserve Law, Highlights Risks to Law Enforcement and Investment.
Hobbs Vetoes Controversial Bitcoin Reserves Bill!
Arizona Governor Katie Hobbs vetoed House Bill 2324 (HB 2324) on July 1, 2025, which proposed establishing a state-managed Bitcoin and digital asset reserve fund from confiscated crypto assets. The bill was passed last month in both the Senate and the House of Representatives by a majority of 34 votes to 22. Despite this approval, Hobbs expressed concerns that the bill could impact local law enforcement cooperation in digital asset seizure cases.
In her veto justification, she emphasized that the high volatility of cryptocurrencies poses a significant risk, especially for investments by pension funds in virtual currencies. HB 2324 would have provided for distribution of proceeds from the sale of confiscated digital assets. The first $300,000 would have gone to the Attorney General's Office, while the remaining proceeds would have been distributed 50% to the Attorney General, 25% to the general state budget, and 25% to the Bitcoin and Digital Assets Reserve Fund.
Frequently vetoing crypto bills
This veto is the third of its kind this year in which Hobbs opposes Bitcoin laws. Previously rejected laws include, among othersSenate Bill 1025, which wanted to enable sovereign wealth and pension funds to invest in digital assets, as wellSenate Bill 1373, which provided for the creation of a Digital Assets Strategic Reserve Fund. AlsoSenate Bill 1024, which would allow government authorities to accept crypto payments, was rejected by Hobbs.
Although the governor opposed HB 2324, HB 2749 was still approved, allowing the state to establish a Bitcoin reserve. This makes Arizona the second state in the US to enact a crypto reserves law that addresses crypto assets deemed illegitimate.
The development shows that political decision-makers in Arizona are becoming increasingly cautious when dealing with crypto bills. As demand for cryptocurrencies continues to rise, the review and regulation of these technologies will play a central role in the coming months and years.