Arizona does not invest in Bitcoin (BTC), at least not this year.

Governor Katie Hobbs Veto at a bill on Friday that would have enabled the state to keep the digital asset as part of her official reserves.

The legislation, known as Senate Bill 1025, suggested using seized funds to invest in BTC and set up a digital asset reserve managed by the state. After passing the State House in a narrow 31-25 vote, the bill reached Hobbs’ desk, where it was quickly knocked down.

“The Arizona State Retirement System is one of the strongest in the nation because it provides healthy and informed investments. Arizonans’ pension fund is not the site of the state to try untested investments as a virtual currency,” Hobbs wrote in a statement.

The veto finishes a push that could have made Arizona the first state that created a cryptocurrency reserve, and it could have even surpassed the US Ministry of Finance by doing so.

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