Arizona will not invest in Bitcoin (BTC), at least not this year.
Governor Katie Hobbs vetoed a bill on Friday that would have allowed the State to keep the digital asset as part of her official reserves.
The legislation, known as bill 1025 of the Senate, proposed to use funds seized to invest in BTC and create a reserve of digital assets administered by the State. After passing the State Chamber in a narrow vote of 31 to 25 years, the bill arrived at the Hobbs desk, where it was rapidly beaten.
“The Retirement System of the State of Arizona is one of the strongest in the nation because it makes solid and informed investments. The retirement funds of the Arizonans are not the place for the State to try investments not tested as the virtual curve,” Hobbs wrote in a statement.
The veto ends an impulse that could have turned Arizona into the first state to establish a cryptocurrency reserve, and could even have surpassed the United States Department of the Treasury in doing so.
Read more: As a state approaches in an encryption reserve, others jump to the fray
