Arizona Vetoes Bitcoin Reserve Bill as BTC Holds $96K
By: cryptofrontnews|2025/05/03 23:15:01
0
Share
Arizona halts its crypto reserve plans as Governor Hobbs vetoes Senate Bill 1025 over concerns about risky retirement fund investments.Despite state-level setbacks, Bitcoin remains stable above $96K, showing strong resilience amid tightening US regulatory pressure.While Arizona retreats from digital assets, North Carolina and federal policymakers push forward with pro-Bitcoin investment initiatives.Arizona Governor Katie Hobbs vetoed a landmark bill that aimed to make the state the first to hold Bitcoin in its reserves. Senate Bill 1025, dubbed the Digital Assets Strategic Reserve bill, was officially struck down on Friday. The legislation would have allowed Arizona to invest seized funds in Bitcoin and create a digital asset reserve managed by state officials. Hobbs cited concerns over the volatility and untested nature of crypto assets, particularly regarding retirement funds. The decision follows a narrow 31-25 approval vote in the House and signals a halt to Arizona’s ambitious crypto investment plans.Political Resistance Against Crypto-Led State FundsGovernor Hobbs issued a strong statement defending the state’s current investment approach. She emphasized that Arizona’s retirement system thrives on informed, risk-managed strategies. “Arizonans’ retirement funds are not the place for untested investments like virtual currency,” she stated. Furthermore, Hobbs warned she would veto any bill not supported by a bipartisan agreement on disability funding, adding political friction to the crypto conversation.A companion bill, SB1373, still awaits a final vote. If passed, it would allow the state treasurer to allocate up to 10% of the rainy-day fund into digital assets. However, prospects remain uncertain following this latest veto. Similar crypto-related proposals have also stalled in other states, including Oklahoma, South Dakota, and Montana.Market Holds Steady Amid Regulatory SetbacksDespite the regulatory blow, Bitcoin maintains a firm footing above $96,000. The BTC/USDT pair on Binance recently traded at $96,253.49. This reflects a minor increase of 0.06%, showing resilience despite downward pressure post-CME Close. The data highlights minimal spread between buy and sell orders, suggesting balanced market sentiment.Source: Daan Crypto TradesMoreover, trading volume surged during the downturn but eased as prices stabilized. A key magnet zone sits at $97,022, which could attract short-term buyers. Technical indicators show reduced volatility, and the mid-timeframe outlook remains bullish. Additionally, the asset’s price range stayed within $95,450 to $98,600.In contrast, North Carolina is advancing pro-crypto legislation. The state’s House recently passed the Digital Assets Investment Act, allowing up to 5% crypto allocation. Meanwhile, federal interest in Bitcoin continues to rise. Former President Trump recently signed an executive order proposing a Strategic Bitcoin Reserve and a digital stockpile.The post Arizona Vetoes Bitcoin Reserve Bill as BTC Holds $96K appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
You may also like
Where will South Korea's cryptocurrency taxation head?
There is little time left before South Korea implements cryptocurrency taxation, but the current tax laws only cover simple spot and currency-to-currency transactions. Driven by the international tax information exchange standard (CARF), South Korea is comprehensively building an intelligence analys...
Legendary investor Naval: Apple is dead, SaaS will follow suit, and entrepreneurs have 18 months to reshape their moats
"You can continue to hold Apple stock. Just don't expect that what you hold is stock in a growth company."
Morning Report | Visa includes Polygon in its global stablecoin settlement program; MoonPay invests $100 million to acquire security company Sodot; Digital wallet platform Belo completes $14 million Series A financing
Overview of Important Market Events on April 29
Full text of the Federal Reserve's decision: Holding steady for the third consecutive time but increasing divisions
The Federal Reserve has kept interest rates unchanged for the third consecutive time, but there were internal voting disagreements, with one official advocating for a rate cut while three others opposed signaling easing. The situation in the Middle East and fluctuations in energy prices further ampl...
Dan Bin takes action, building a position in Circle
If Web3 only stays at the level of price and narrative, traditional capital will find it difficult to truly enter; but once a group of companies that can be clearly explained and included in balance sheets begins to emerge, the way the industry participates will change.
The Impossible Triangle of DeFi Lending
Borrowers want fixed interest rates, while lenders seek immediate liquidity; this is the dilemma of on-chain lending, where both cannot be achieved simultaneously.
Bitcoin ETF News: Why Bitcoin Is Falling Even After $2.43B ETF Inflows in April
Bitcoin ETF news today shows $2.43B in April inflows as institutions absorbed thousands of BTC, yet the price dropped from $79K to $76K. Traders are now watching whether the $80K resistance breaks or triggers another pullback.
What Is RWA in Crypto? Real-World Assets Explained (2026 Guide)
What Is RWA in Crypto?RWA stands for Real-World Assets — traditional financial assets like bonds, real estate, gold, and private credit that have been converted into blockchain tokens.
Revisiting RWA: Nearly 50,000 people's first on-chain transaction was not Bitcoin, but stock indices and crude oil
The narrative of RWA is not about traditional finance trying to capture crypto users, but rather crypto trying to capture traditional users.
Altcoin Price Outlook 2026: The Rotation Is Coming — Just Not the Way You Think
Bitcoin dominance at 58%, Fear & Greed at 39. If you think altcoin season is dead, you're reading the wrong signals. Here's what the data actually says about what comes next.
Oracle: The Second Battlefield Behind the Prediction Market War
By 2026, the oracle track has essentially evolved from the early "data pipeline" into a "verifiable facts layer" that supports the entire on-chain economy, and prediction markets serve as a magnifying glass to observe the competition in this red ocean.
a16z's key bet: Kalshi's weekly trading volume approaches $3 billion, transitioning from "prediction games" to financial infrastructure, the market begins to price "uncertainty."
The evolution of prediction markets: from niche products to "uncertainty pricing" infrastructure
Morning Report | Galaxy Digital announces Q1 2026 financial report; Liquid completes $18 million Series A financing; Polymarket plans to bring major exchanges to the U.S
Overview of Important Market Events on April 28
From a banned economist to the new CEO of Xinhua: Fu Peng has figured out the second half of traffic
This uproar in the crypto circle appears to be a cultural conflict between a traditional economist and a crypto OG, but looking deeper, it is merely the new fire leveraging Fu Peng's influence in the traditional financial sector to pry open a batch of client funds that were originally difficult to r...
Why Private Credit Became the First True Bridge from TradFi to DeFi
Unveiling the core logic of private credit leading RWA: it is no longer just simple tokenization, but rather a true reshaping of the practical value of asset on-chain through real returns and deep integration with the DeFi ecosystem.
Senior cryptocurrency investor: Blockchain is showing a siphoning effect on capital
Stablecoins are the first real-world assets on the blockchain, but they will not be the last. Every billion dollars in stablecoins generates $12.2 billion in economic activity and $19 million in protocol revenue annually; once capital is on the blockchain, it gains productivity and does not go back.
When traditional crypto derivatives start to subtract: Insights from Hyper Trade's products
Say goodbye to complex contracts, as crypto derivatives begin to "subtract": This article breaks down how Hyper Trade reduces hardcore risk pricing into "second-level multiple-choice questions," reshaping the trading experience for retail investors.
My view on blockchain has changed
In-depth Reflection on the Value of Blockchain Applications and the Time Dimension
Where will South Korea's cryptocurrency taxation head?
There is little time left before South Korea implements cryptocurrency taxation, but the current tax laws only cover simple spot and currency-to-currency transactions. Driven by the international tax information exchange standard (CARF), South Korea is comprehensively building an intelligence analys...
Legendary investor Naval: Apple is dead, SaaS will follow suit, and entrepreneurs have 18 months to reshape their moats
"You can continue to hold Apple stock. Just don't expect that what you hold is stock in a growth company."
Morning Report | Visa includes Polygon in its global stablecoin settlement program; MoonPay invests $100 million to acquire security company Sodot; Digital wallet platform Belo completes $14 million Series A financing
Overview of Important Market Events on April 29
Full text of the Federal Reserve's decision: Holding steady for the third consecutive time but increasing divisions
The Federal Reserve has kept interest rates unchanged for the third consecutive time, but there were internal voting disagreements, with one official advocating for a rate cut while three others opposed signaling easing. The situation in the Middle East and fluctuations in energy prices further ampl...
Dan Bin takes action, building a position in Circle
If Web3 only stays at the level of price and narrative, traditional capital will find it difficult to truly enter; but once a group of companies that can be clearly explained and included in balance sheets begins to emerge, the way the industry participates will change.
The Impossible Triangle of DeFi Lending
Borrowers want fixed interest rates, while lenders seek immediate liquidity; this is the dilemma of on-chain lending, where both cannot be achieved simultaneously.
Popular coins
Latest Crypto News
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com