Florida shelves Strategic Bitcoin Reserve legislation

Florida’s bid to establish a state-level Bitcoin reserve has come to a halt, with two major cryptocurrency bills now off the legislative agenda.

House Bill 487 and Senate Bill 550 were measures aimed at positioning Florida as a pioneer in crypto treasury management, but they have been “indefinitely postponed and withdrawn from consideration,” according to a May 3 update from the Florida Senate.

The bills were not passed before the state legislature adjourned its session on May 2. Though lawmakers agreed to reconvene until June 6 to finalize budget plans, the crypto proposals are no longer under consideration. Their withdrawal signals a significant step back for those advocating for state-managed digital asset reserves.

During this session, Florida’s legislature passed roughly 230 bills covering topics such as banning fluoride in public water supplies, protecting state parks, and prohibiting smartphone use in schools. Yet, the notion of diversifying state treasury holdings through Bitcoin investments failed to make the cut.

Florida now joins a growing list of states including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma—where strategic Bitcoin reserve efforts have stalled or failed to secure legislative support, according to tracking by Bitcoin Laws.

Arizona Pushes On, But Faces Setbacks

The developments in Florida come just days after Arizona’s own strategic Bitcoin initiative suffered a blow. On May 3, Governor Katie Hobbs vetoed House Bill 1025, which would have allowed the state to invest seized assets into Bitcoin and establish a digital asset reserve. Hobbs dismissed the plan, calling digital assets untested investments. The move sparked criticism from prominent voices in the crypto world.

Despite the veto, Arizona still has two crypto-related bills in play. The more promising of the two is HB 2749, a budget-neutral proposal that would fund the reserve using profits from the state’s unclaimed property fund. Meanwhile, SB 1373 seeks to authorize the state treasurer to allocate up to 10% of Arizona’s funds into digital assets. Both bills remain under consideration but have yet to reach a final vote.