Arizona has decided against investing in Bitcoin (BTC) for the current year.
Governor Katie Hobbs announced her rejection of a proposed bill that aimed to have the state hold digital assets in its official reserves.
This legislation, known as Senate Bill 1025, suggested utilizing seized funds for investing in BTC and establishing state-administered digital asset reserves. Despite it passing the state legislature with a tight vote of 31-25, the bill was quickly dismissed once it reached Hobbs’ desk.
Hobbs mentioned, “The Arizona Retirement System is among the strongest in the nation due to its sound and informed investment choices. The Arizona Retirement Fund isn’t a place for experimenting with unproven investments like cryptocurrency,” as noted in her statement.
This veto could mark the end of efforts that might have positioned Arizona as the first state to create a cryptocurrency reserve, potentially surpassing the authority of the US Treasury Department.
Read more: One state explores becoming a crypto hub while another joins the debate
