Arizona governor vetoes state Bitcoin reserve — the first to fall

Arizona Governor Katie Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act (SB 1025), striking down what would have been the first state-level Bitcoin reserve. In her veto message she called cryptocurrency an “untested investment” unfit for public funds. Days later, New Hampshire became the first state to actually sign a reserve into law. The contrast defines the race: the sovereign Bitcoin reserve is no longer hypothetical, but it is not inevitable either. Every veto is a reminder that political will — not technology — is the binding constraint.