MicroVisionChain PriceSPACE

In a significant blow to pro-crypto legislation, Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which proposed allowing the state to invest public retirement funds into Bitcoin and other virtual currencies . The bill was intended to establish a strategic Bitcoin reserve as part of the Arizona State Retirement System. In a letter dated May 2, 2025, addressed to Senate President Warren Petersen, Hobbs stated: “ Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency. .” Governor Hobbs emphasized that the Arizona State Retirement System is one of the strongest in the nation due to its conservative, informed investment approach. By vetoing the bill, she reaffirmed her stance that virtual currencies such as Bitcoin remain too speculative for public pension funds — despite growing adoption and recent market gains. The decision sparked immediate debate within the crypto space, especially among those who view state-level adoption of Bitcoin as a step toward long-term financial innovation. Critics argue that Arizona missed an opportunity to hedge against inflation and diversify its holdings. Supporters of the veto maintain that public pensions should prioritise security and stability over high-risk assets. This move by Arizona could have ripple effects across other states considering similar Bitcoin-based financial instruments. While institutional interest continues to rise — highlighted by BlackRock’s recent $678M BTC purchase — state governments remain cautious. The spotlight now turns to other crypto-friendly states like Texas and Wyoming, where legislative momentum is still in favour of blockchain adoption. In a significant blow to pro-crypto legislation, Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which proposed allowing the state to invest public retirement funds into Bitcoin and other virtual currencies . The bill was intended to establish a strategic Bitcoin reserve as part of the Arizona State Retirement System. In a letter dated May 2, 2025, addressed to Senate President Warren Petersen, Hobbs stated: “ Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency. .” Governor Hobbs emphasized that the Arizona State Retirement System is one of the strongest in the nation due to its conservative, informed investment approach. By vetoing the bill, she reaffirmed her stance that virtual currencies such as Bitcoin remain too speculative for public pension funds — despite growing adoption and recent market gains. The decision sparked immediate debate within the crypto space, especially among those who view state-level adoption of Bitcoin as a step toward long-term financial innovation. Critics argue that Arizona missed an opportunity to hedge against inflation and diversify its holdings. Supporters of the veto maintain that public pensions should prioritise security and stability over high-risk assets. This move by Arizona could have ripple effects across other states considering similar Bitcoin-based financial instruments. While institutional interest continues to rise — highlighted by BlackRock’s recent $678M BTC purchase — state governments remain cautious. The spotlight now turns to other crypto-friendly states like Texas and Wyoming, where legislative momentum is still in favour of blockchain adoption.

met a lot of great people today and some big names in this space🫶 been a pleasure

TL;DR Although it’s still behind the leader, Ethereum, Tron’s USDT share has skyrocketed in the past few years. According to Tether’s transparency page, almost $72 billion worth of the world’s largest stablecoin is on Tron (from the Total Authorized amount), while Ethereum leads with $74.5 billion. The numbers are even closer when you look at the net circulation – $73 billion for Ethereum and $71 billion for Tron. Solana, Ton, and Avalanche trail further behind, with around $2 billion each. Perhaps that’s one of the biggest reasons behind the milestone we hinted about. CryptoQuant informed earlier this week that Tron has “grown to be one of the most active blockchain networks in the world” as it had crossed the $10 billion total transactions target. The report claims that the daily transaction count is well above $8 million, which places Tron among the leaders in the space. Although the current average daily numbers are far from the 2023 peak, they are still close to the bull runs in mid-2021 and late 2024. TRX’s price exploded late last year, surging to a new all-time high of over $0.43. However, it failed to maintain its run and has lost over 40% of its value since then. The past few months have seen the asset trading mostly in a tight range between $0.2 and $0.26. According to a popular market observer and data analyst, TRX has built a buy wall at approximately the current price range, which acts as support in case of a violent nosedive. However, it also has a sell wall at around $0.3, which could mean that the asset will remain within this range for a while.

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Ripple’s Chief Legal Officer, Stuart Alderoty, recently shed light on the United States Securities and Exchange Commission’s (SEC) abandoning its appeal against Ripple back in March 2025. Speaking at a “Crypto In One Minute” session shared via Ripple’s official channels, Alderoty noted that the SEC’s move signifies a broader realization that enforcement actions cannot be effectively pursued without clear regulatory frameworks for crypto in the U.S.. He stressed the absence of established laws governing the cryptocurrency space in the US, stating that the focus will now shift towards collaborating with Congress to establish “smart crypto regulation” that protects consumers, market integrity, and fosters innovation. Market analyst Dom pointed out a key change in XRP market behavior compared to previous cycles starting around 2020. Dom noted that historical XRP price peaks often saw the perpetual futures market leading spot prices; a sign of speculative, leverage-driven bubbles prone to sharp corrections. In contrast, market data from early 2025 reveals an XRP “spot premium,” where the spot market price trades higher than futures. According to Dom and analysis reported by sources like Cointelegraph, this suggests the current price strength is underpinned by genuine spot buying demand, indicating a more stable rally than past speculative surges. Moreover, data from Glassnode indicates a consistent increase in the number of XRP addresses holding at least 10,000 XRP since late November 2024. This accumulation by larger holders (“whales”) often signals conviction in an asset’s longer-term prospects. Notably, this whale accumulation trend continued even as XRP experienced a significant 35% price pullback between January and April 2025, indicating a strategic XRP accumulation rather than short-term speculation. And since this period of increased accumulation began in late November 2024, XRP’s price has rallied by approximately 350%. From a technical standpoint, XRP was trading around $2.21-$2.23 as of early May 3, 2025 . The price is currently testing support near the 20-day Exponential Moving Average (EMA) around the $2.18-$2.20 level. Failure to hold this level could see prices revisit the $2.00 psychological mark. As per the chart below, the RSI is currently at approximately 53.85. An RSI above 50 generally indicates bullish momentum, suggesting that buying pressure is currently outweighing selling pressure. However, the RSI is not yet in overbought territory (typically above 70), implying there might be room for further upward movement. Meanwhile, the Bollinger Bands show that the upper Bollinger Band is around 2.3059, the middle Band (20-day SMA) is at 2.1649, and the lower Bollinger Band is at 2.0239. Currently, XRP is trading above the middle Bollinger Band, which is often seen as a bullish signal and a retest of $2.3 is likely. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.