PANews reported on May 4 that according to documents on the Arizona official website, Arizona Governor Katie Hobbs vetoed Senate Bill 1025 (SB 1025), which would have allowed public funds to be invested in virtual currencies. Hobbs said in her veto statement that the Arizona Retirement System is one of the strongest retirement systems in the United States, thanks to its sound and wise investment strategy. She emphasized that the state's retirement funds are not suitable for trying unproven investments such as virtual currencies.