Florida scraps Bitcoin reserve bills as session ends without a vote
Florida has officially withdrawn two high-profile bills that would have allowed public funds to be invested in Bitcoin, becoming the latest U.S. state to abandon efforts to create a Strategic Bitcoin Reserve.
On May 3, the Florida Senate marked both House Bill 487 and Senate Bill 550 as “indefinitely postponed and withdrawn from consideration,” just one day after the state’s legislative session ended without a final vote, reports Crypto News.
HB 487, introduced in February, had shown early promise—clearing its first committee unanimously in April. The bill would have permitted Florida’s Chief Financial Officer and State Board of Administration to allocate up to 10% of key public funds, including the General Revenue and Budget Stabilization Funds, into Bitcoin. Its companion, SB 550, mirrored the same objectives but failed to advance.
States Retreat as Bitcoin Treasury Push Falters
Florida now joins a growing list of states—including Wyoming, South Dakota, Montana, and Oklahoma—where similar legislation has failed to gain final approval. In Oklahoma, for example, HB 1203 advanced through multiple stages before dying in committee amid bipartisan concerns. Despite initial enthusiasm, many of these efforts have faced pushback over market volatility, regulatory ambiguity, and perceived budgetary risks.
Arizona Still in the Game—But Faces Hurdles
Arizona remains one of the few states with active legislation. While Governor Katie Hobbs vetoed SB 1025 on April 28, citing fiscal concerns and the untested nature of digital assets, other bills such as HB 2749 and SB 1373 are still live. These aim to fund a crypto reserve using unclaimed property profits and authorize digital asset investments of up to 10% of state funds, respectively.
The setbacks suggest that while Bitcoin is gaining recognition in financial circles, its integration into public finance remains a contentious and uphill battle.
Recently we wrote that Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which would have allowed the state to hold Bitcoin as part of its official reserves.
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