Arizona’s Governor Katie Hobbs, on May 3, 2025 vetoed Bill 1025 which proposed allowing the state treasurer and retirement systems to invest up to 10% of public funds in cryptocurrencies such as Bitcoin citing concerns over the use of public funds for “untested assets”

Quotes that support claims

Last week, Hobbs vetoed a separate bill, SB 1025, which would've allowed the state's treasurer and retirement systems to invest up to 10% of their funds in cryptocurrencies such as Bitcoin. "Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency," Hobbs said in a letter last week explaining the veto.

“Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs wrote in a statement aimed at Warren Petersen, the President of the Arizona Senate. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency,” she added.

"The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments," Hobbs, a Democrat, wrote in a letter explaining her veto. "Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency."