Florida has become the latest US state to abandon efforts to establish a strategic Bitcoin reserve, dealing another setback to the broader push for state-level crypto adoption.
Two proposed bills — House Bill 487 and Senate Bill 550 — were officially withdrawn from the legislative process on May 3, according to the Florida Senate.
The legislative session had adjourned a day earlier, on May 2, without taking action on the crypto-focused proposals.
Florida Extends Session, But Crypto Bills Left Behind
Though lawmakers agreed to extend the session until June 6 for budget negotiations, the crypto bills will not be reconsidered.
HB 487, introduced in February, would have authorized Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of select state funds into Bitcoin.
SB 550, filed in parallel, aimed to facilitate similar investments of public funds into the digital asset.
Their removal places Florida alongside a growing list of states — including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma — that have recently failed to pass legislation allowing Bitcoin-based investment strategies.
The data comes from Bitcoin Laws, a site tracking crypto-related state policy efforts.
During the recent Florida legislative session, lawmakers passed roughly 230 bills addressing a wide range of issues, from banning smartphones in schools to protecting state parks.
However, cryptocurrency initiatives were noticeably absent from the final tally.
Florida’s move follows closely behind developments in Arizona, where a promising crypto initiative was also halted.
Arizona’s House Bill 1025, which had advanced further than any other similar bill nationwide, was vetoed on May 3 by Governor Katie Hobbs.
She called digital assets “untested investments,” effectively stopping the proposed Digital Assets Strategic Reserve Act in its tracks.
Crypto Advocates Slam Politicians Over Bitcoin Veto
The veto sparked backlash from crypto advocates, including investor Anthony Pompliano, who criticized political leaders for dismissing Bitcoin’s potential.
Dennis Porter, CEO of the Satoshi Action Fund, pointed out that Arizona still has two remaining bills under consideration — HB 2749 and SB 1373 — that could revive the state’s efforts to become the first in the U.S. to create a Bitcoin reserve.
HB 2749 is particularly notable for being budget-neutral, as it proposes using profits from the state’s unclaimed property fund.
SB 1373, meanwhile, would allow the treasurer to invest up to 10% of state funds in digital assets, though it has not yet faced a final vote.
As reported, the US Senate is also facing a sudden breakdown in negotiations over a landmark cryptocurrency bill, placing one of former President Donald Trump’s top financial policy priorities in jeopardy.
The legislation, aimed at establishing the country’s first federal regulatory framework for stablecoins—digital assets pegged to the U.S. dollar—has hit a bipartisan snag, following pushback from key Senate Democrats.
On Saturday, nine Democratic senators, including some who had previously backed the bill in committee, issued a joint statement rejecting a revised version of the legislation introduced by Republicans last week.
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