Two cryptocurrency bills in Florida have been withdrawn from the legislative agenda, marking the latest setback to state-level efforts in the United States aimed at establishing strategic Bitcoin reserves.
Florida’s House Bill 487 and Senate Bill 550 have been indefinitely postponed and officially removed from further legislative consideration.
According to the Florida Senate, House Bill 487 and Senate Bill 550 in Florida were indefinitely postponed and withdrawn from consideration on May 3.
The legislative session in Florida was adjourned on May 2 without the approval of the two proposed bills that aimed to introduce a state-held crypto reserve. An agreement was made by the Senate and House to extend the session until June 6 in order to finalize budget-related matters.
Approximately 230 bills were approved by lawmakers during the session, addressing issues such as banning fluoride in public water supplies, safeguarding state parks, and restricting smartphone use in schools. However, measures to diversify the state’s treasury portfolio were not included among the passed legislation.
Introduced in February, HB 487 would have permitted up to 10% of designated state funds to be invested in Bitcoin by Florida’s chief financial officer and the State Board of Administration.
According to Bitcoin Laws, Florida has now exited the effort to enact state-level crypto investment legislation, joining states such as Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, where Bitcoin-related bills have failed to secure approval in either House or Senate votes.
Arizona Still Has Two Opportunities to Establish Bitcoin Reserve
The development occurred only days after Arizona progressed its strategic Bitcoin reserve legislation further than any other state, before House Bill 1025 was ultimately vetoed by Governor Katie Hobbs on May 3, who referred to digital assets as “untested investments.”
The Digital Assets Strategic Reserve bill would have allowed seized funds to be invested into Bitcoin, with the reserve being administered by designated state officials.
The decision provoked criticism from cryptocurrency supporters and Bitcoin enthusiasts, including entrepreneur Anthony Pompliano, who remarked that it was “ignorant for a politician to assume they are capable of making investment decisions.”
It was stated by Dennis Porter, founder of the Satoshi Action Fund, on May 5 that Arizona still has two remaining opportunities to become the first state in the nation to create a Bitcoin reserve, referencing an article by Eleanor Terrett of Fox News.
It was further noted by him that HB 2749 is considered the most likely to be approved, as it proposes a budget-neutral approach to financing the reserve by utilizing profits from the unclaimed property fund.
A related bill, SB 1373, has also been introduced, which would permit the state treasurer to invest up to 10% of Arizona’s state funds into digital assets. However, a final vote on the measure has not yet been conducted.
