Florida Drops Bitcoin Reserve Bills Amid Legislative Session Wrap-Up
Two bills that could have positioned Florida among the pioneering U.S. states investing in Bitcoin have been officially shelved. House Bill 487 and Senate Bill 550, both introduced earlier this year to create a state-run strategic Bitcoin reserve, were "indefinitely postponed and withdrawn from consideration," according to a Florida Senate update on May 3.
The state’s legislative session closed on May 2 without approving the crypto bills, despite lawmakers extending proceedings until June 6 to finalize budget discussions. While the session saw the passage of more than 200 laws ranging from environmental protection to digital restrictions in schools, crypto treasury diversification did not make the cut.
HB 487 and SB 550 sought to authorize Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of certain state funds into Bitcoin (BTC). With their dismissal, Florida joins a growing list of states including Wyoming, Montana, Pennsylvania and Oklahoma where similar crypto reserve proposals have failed to gain traction.
The withdrawal comes shortly after Arizona’s own Bitcoin reserve push stumbled, with Governor Katie Hobbs vetoing House Bill 1025, citing concerns about the risks of investing in digital assets. Still, Arizona’s legislative push isn't over. Two additional bills, HB 2749 and SB 1373, remain under consideration and could revive the effort.
Crypto advocates, including Satoshi Action Fund founder Dennis Porter, are closely watching Arizona’s next moves. "Arizona has two more chances to be the first in the nation to establish a Bitcoin reserve," Porter noted, pointing to HB 2749’s budget-neutral framework using profits from the state’s unclaimed property fund.
The broader national effort to introduce Bitcoin into state treasuries remains largely symbolic at this stage, with no legislation yet signed into law. However, the debate reflects growing political interest in Bitcoin’s role as a hedge and a long-term strategic asset, even as some lawmakers remain cautious about its volatility.
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