The Breakdown
Arizona Gov Vetoes Bitcoin Bill
May 6, 2025
Arizona's governor has vetoed a bill that would have allowed state investments in Bitcoin, stirring unrest in the crypto community. There’s a growing partisan struggle as Senate Democrats, led by Elizabeth Warren, resist stablecoin legislation, complicating regulations. On a brighter note, Apple’s new allowance for crypto in-app purchases marks a significant step forward for mobile crypto adoption and acceptance. The conversation highlights important shifts in the political and corporate landscape affecting cryptocurrency.
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Quick takeaways
- Governor Katie Hobbs' veto of the Bitcoin investment bill indicates concerns about untested assets amid rising interest in cryptocurrencies.
- Apple's authorization for in-app crypto purchases signifies a major leap towards integrating digital assets into mainstream mobile applications.
Deep dives
Arizona's Bitcoin Reserve Bill Vetoed
Arizona's governor vetoed a pioneering bill that aimed to create a Bitcoin reserve for the state treasury and retirement system. This legislation would have allowed the state to invest up to 10% of its funds into Bitcoin and other cryptocurrencies, with the intent to prepare for a future where Bitcoin gains significance as an asset. The veto from Governor Katie Hobbs highlighted her stance against what she deemed untested investments, despite the growing interest in Bitcoin within political circles. The reaction from Bitcoin advocates has been notable, with calls for accountability and suggestions that the state risks missing out on the benefits of Bitcoin.
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