A companion bill SB1373 to vetoed Bill 1025, which would authorize the Arizona state to invest up to 10% of the rainy-day fund in digital assets such as Bitcoin, has been advancing through committee but has not yet received final legislative approval

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A companion bill, SB1373, which would authorize the state treasurer to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin, has not yet reached a final vote.

“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.

A companion bill enabling the state treasurer to allocate up to 10% of Arizona’s rainy-day fund into digital assets like Bitcoin had also been advancing through committee but has not yet reached final approval.