Arizona Gov Vetoes Bitcoin Bill

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 6 May 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on The Breakdown, NLW discusses Arizona Governor Katie Hobbs' veto of a bill allowing state investments in Bitcoin, highlighting existing crypto exposure via Strategy (formerly MicroStrategy). He also covers Senate Democrats' resistance to stablecoin legislation, led by Elizabeth Warren, threatening bipartisan crypto regulation. On a positive note, Apple now allows crypto for in-app purchases, significantly boosting mobile crypto adoption. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Monday, May 5th, and today we are talking about an Arizona veto of a Bitcoin bill and Dems revolting over stable coins. I mean, what is this? 2023?
0:29.2	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:40.6	You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:45.1	Well, friends, kicking off, Arizona will not become the first state with a Bitcoin reserve after the governor delivers a veto. Last week, the Arizona legislature passed the first
0:50.0	Bitcoin Reserve bill in the nation. It allowed the state treasury and retirement system to
0:54.0	invest up to
0:54.6	10% of funds into Bitcoin and other cryptocurrencies, which was, of course, an extremely
0:58.8	tentative step into Bitcoin investment. The bill's sponsor, Jeff Weninger, emphasized that
1:03.0	these entities only may invest in crypto. He made it clear that the bill was largely aimed at
1:07.9	getting approval set up ahead of a future where Bitcoin could become a much more important asset. All the effort, however, was for nothing, with Arizona Governor
1:15.5	Katie Hobbs vetoing the bill on Friday. In a letter explaining the decision, she wrote,
1:20.4	The Arizona State Retirement System is one of the strongest in the nation because it makes sound
1:24.0	and informed investments. Arizona's retirement funds are not the place for the state
1:27.8	to try untested investments like virtual currency. For those who follow Arizona politics, it comes as
1:33.6	little surprised that the Democrat governor would overrule the Republican-controlled legislature.
1:38.0	Julian Ferrer of Apollo Stats wrote, Katie Hobbs is the most partisan governor in America,
1:42.4	and possibly in the country's history.
1:44.6	That's not hyperbole. In 2024, she had 185 vetoes, 20% of all bills that came to her desk.
1:51.3	The previous record was 58. Sadly, not a surprise she killed this Bitcoin Reserve bill.
1:56.4	Unsurprisingly, there was a ton of outrage from Bitcoin Circles. David Bailey, the CEO of
	...

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