The state of Florida has officially withdrawn its efforts to create a strategic Bitcoin reserve, marking another obstacle in the ongoing movement for cryptocurrency acceptance across state lines.
On May 3, the Florida Senate confirmed the withdrawal of two proposed legislative bills — House Bill 487 and Senate Bill 550 — aimed at facilitating this initiative.
The state’s legislative session concluded the day prior, on May 2, without any action being taken on these cryptocurrency-focused proposals.
Extension Granted, But Crypto Initiatives Abandoned
Even though lawmakers extended the session until June 6 for budget discussions, they have decided not to revisit the crypto-related bills.
HB 487, which was introduced in February, proposed allowing Florida’s chief financial officer and the State Board of Administration to invest up to 10% of specific state funds into Bitcoin.
Senate Bill 550 correspondingly sought to enable similar investments of public funds in the cryptocurrency market.
The withdrawal of these bills joins Florida with several other states—including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma—that have also recently seen legislative efforts to permit Bitcoin investment strategies fail.
This information was sourced from Bitcoin Laws, a website dedicated to monitoring state-level policy regarding cryptocurrencies.
During the current legislative period, Florida lawmakers passed approximately 230 bills addressing various topics, from banning smartphones in schools to environmental conservation, yet cryptocurrency proposals failed to make the final cut.
Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve.
The most likely to pass (HB 2749) was authored by @JeffWeninger, and it offers a budget neutral method to fund the reserve using profit from the unclaimed property fund. @EleanorTerrett pic.twitter.com/yGlrz2saql
— Dennis Porter (@Dennis_Porter_) May 5, 2025
Florida’s recent decision closely follows a similar fate in Arizona, where a notable cryptocurrency initiative also came to an abrupt halt.
Arizona Governor Katie Hobbs vetoed House Bill 1025 on May 3, which had advanced further than any comparable legislation in the country. She described digital assets as “untested investments,” effectively halting the proposed Digital Assets Strategic Reserve Act.
Criticism Follows Bitcoin Veto in Arizona
The veto has drawn sharp criticism from cryptocurrency advocates, including prominent investor Anthony Pompliano, who expressed disappointment in political leaders for overlooking Bitcoin’s possibilities.
Dennis Porter, CEO of the Satoshi Action Fund, highlighted that Arizona still has two bills under consideration—HB 2749 and SB 1373—that could keep the state’s aspiration of establishing a Bitcoin reserve alive.
Notably, HB 2749 is budget-neutral, proposing to utilize profits from the state’s unclaimed property fund for financing. Meanwhile, SB 1373 seeks to authorize the treasurer to invest up to 10% of state funds in digital assets, though it has not undergone a final vote.
Additionally, reports indicate that the U.S. Senate is experiencing a stall in negotiations concerning a pivotal cryptocurrency legislation, jeopardizing one of former President Donald Trump’s key financial policy ambitions.
The proposed legislation is intended to legislate the first federal regulatory framework for stablecoins—digital assets tied to the U.S. dollar—but negotiations have hit a bipartisan roadblock, facing opposition from several Democratic senators.
On Saturday, nine Democratic senators, including some who previously supported the bill in committee discussions, issued a joint statement rejecting the latest revised proposal introduced by Republicans last week.
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