Florida has withdrawn two cryptocurrency bills from its legislative agenda, marking the latest setback to state-level efforts in the United States aimed at establishing strategic Bitcoin reserves.
Florida’s House indefinitely postponed Bill 487 and Senate Bill 550 and officially removed them from further legislative consideration.
On May 3, the Florida Senate indefinitely postponed and withdrew House Bill 487 and Senate Bill 550 from consideration.
The legislative session in Florida adjourned on May 2 without approving the two proposed bills that aimed to introduce a state-held crypto reserve. The Senate and House agreed to extend the session until June 6 to finalize budget-related matters.
Lawmakers approved approximately 230 bills during the session, addressing issues such as banning fluoride in public water supplies, safeguarding state parks, and restricting smartphone use in schools. However, they did not include measures to diversify the state’s treasury portfolio among the passed legislation.
Introduced in February, HB 487 would have permitted Florida’s chief financial officer and the State Board of Administration to invest up to 10% of designated state funds in Bitcoin.
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 Governor Katie Hobbs ultimately vetoed House Bill 1025 on May 3, referring to digital assets as “untested investments.”
The Digital Assets Strategic Reserve bill would have allowed designated state officials to administer the reserve and invest seized funds into Bitcoin.
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.”
On May 5, Dennis Porter, founder of the Satoshi Action Fund, stated 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.
He further noted that HB 2749 is 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, also permits the state treasurer to invest up to 10% of Arizona’s state funds into digital assets. However, lawmakers have not yet conducted a final vote on the measure.
