Florida’s ambitions to establish a state-level Bitcoin reserve hit a roadblock last week as two key cryptocurrency bills were shelved from the legislative process. On May 3, Florida’s House Bill 487 and Senate Bill 550 were “indefinitely postponed and withdrawn from consideration,” according to the Florida Senate. This development marks a significant setback in the Sunshine State’s efforts to diversify its treasury portfolio with digital assets.
A Missed Opportunity?
The legislative session, which adjourned on May 2, saw lawmakers pass around 230 bills covering a wide array of topics, from banning fluoride in drinking water to implementing a school smartphone ban. However, the crypto reserve bills were conspicuously absent from the list of approved legislation. Despite the session being extended until June 6 specifically to address budget-related matters, the prospect of a state-backed Bitcoin reserve was left on the cutting room floor.
House Bill 487, introduced earlier in February, aimed to allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds in Bitcoin. Senate Bill 550, filed concurrently, proposed a similar initiative for public funds. The stalling of these bills indicates a broader hesitancy among state legislators to embrace digital assets as part of official financial strategies.
The Broader Landscape
Florida’s withdrawal from the state-level crypto investment race aligns it with several other states—such as Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma—that have similarly seen their Bitcoin-focused bills fail to progress. This collective retreat raises questions about the readiness of U.S. states to integrate digital currencies into their financial frameworks. As explored in Arizona Governor Calls Crypto an ‘Untested Investment,’ Vetoes Bitcoin Reserve Bill, the cautious approach to digital assets is not unique to Florida.
In contrast, Arizona recently advanced its own Bitcoin reserve legislation further than any other state, only to be thwarted by a veto from Governor Katie Hobbs on May 3. Hobbs dismissed digital assets as “untested investments,” a sentiment that underscores the cautious approach many legislators are taking towards cryptocurrency. The Digital Assets Strategic Reserve bill would have allowed Arizona to invest seized funds into Bitcoin, a move that drew criticism from crypto advocates who argue for the strategic value of digital currencies.
Dennis Porter, founder of the Satoshi Action Fund, remarked on May 5, “Arizona has two more chances to be the first in the nation to establish a Bitcoin reserve,” referencing House Bill 2749, which proposes a budget-neutral method for funding such a reserve. Additionally, Senate Bill 1373, which would permit the state treasurer to allocate up to 10% of state funds into digital assets, remains in legislative limbo.
What Lies Ahead?
The shelving of Florida’s Bitcoin bills, coupled with Arizona’s recent legislative hurdles, highlights the complex landscape of state-level cryptocurrency legislation in the U.S. While the potential for digital assets to revolutionize state treasuries remains alluring, the path forward is fraught with political and economic uncertainties. As states like Arizona teeter on the brink of embracing such financial innovations, others, including Florida, appear to be stepping back into the shadows. For a deeper dive into strategic Bitcoin investments, see Metaplanet to open US arm, plans to raise $250M for Bitcoin strategy.
The future of state-backed crypto reserves is far from settled. Will other states follow Arizona’s lead, or will the skepticism surrounding digital assets continue to prevail? With legislative sessions set to resume in various states, the coming months could prove pivotal for the role of cryptocurrencies in public finance. For now, the question remains: Is the U.S. ready to take the plunge into digital asset reserves, or will caution continue to be the order of the day?
Source
This article is based on: Florida takes strategic Bitcoin reserve bills off the table
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
