Governor Katie Hobbs has rejected a proposal to allow Arizona to hold Bitcoin
The latest bill, House Bill 2324, would have created a state-run digital asset reserve using these seized funds.
In a July 1 veto message to House Speaker Steve Montenegro, Hobbs explained that the bill could make local police less willing to work with the state on cases involving digital assets.
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She said this is because the bill would take control of those seized funds away from local agencies.
The proposal passed the Arizona House of Representatives in June, with 34 lawmakers in favor and 22 opposed. It had failed earlier in May but was later approved in a second attempt.
In May, Hobbs vetoed two Senate bills. The first one, Senate Bill 1025, would have let state retirement funds and the treasury invest up to 10% of their holdings in Bitcoin.
The other, Senate Bill 1373, would have allowed the state to keep seized digital currencies instead of converting them into dollars right away.
Still, Hobbs signed House Bill 2749 in May, which allows the state to store unclaimed digital assets without converting them to cash.
Meanwhile, the US Securities and Exchange Commission (SEC) has withdrawn 14 proposed rules, including two that targeted crypto custody and decentralized finance (DeFi) platforms. What were these two rules about? Read the full story.
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