According to Eleanor Terrett, Arizona's Democratic Governor Katie Hobbs has vetoed the first Bitcoin reserve bill, halting immediate plans for state-level Bitcoin adoption. Two additional bills remain on her desk, one of which would permit the state treasurer to invest in Bitcoin or crypto-related ETFs, potentially impacting institutional demand for digital assets. Traders should watch for updates, as the outcome could influence regional regulatory trends and short-term crypto market sentiment (source: Eleanor Terrett on Twitter, May 3, 2025).