Efforts to create a state-level Bitcoin reserve in Florida have officially stalled. On May 3, the Florida Senate confirmed that both House Bill 487 and Senate Bill 550 had been “indefinitely postponed and withdrawn from consideration.” The move effectively ends the state’s legislative push to invest public funds in Bitcoin—at least for now.
Crypto Reserve Plans Fail to Reach Finish Line
The bills, introduced in February, were designed to authorize Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of certain state funds into Bitcoin. They aimed to establish a crypto reserve that would diversify the state’s financial assets and potentially benefit from long-term crypto market gains.
However, the state’s legislative session concluded on May 2 without passing the proposals. Although lawmakers extended the session until June 6 to finalize budget plans, crypto legislation did not make the cut. Instead, attention was given to more conventional issues such as park protection, school smartphone restrictions, and banning fluoride in drinking water.
Nationwide Trend of Setbacks for Crypto Legislation
Florida’s retreat is part of a broader trend among U.S. states that have struggled to pass Bitcoin-related legislation. According to Bitcoin Laws, several states—including Wyoming, North Dakota, South Dakota, Pennsylvania, Montana, and Oklahoma—have also failed to push Bitcoin investment bills past key voting stages.
This suggests growing resistance or hesitancy at the state level when it comes to using public funds for crypto investments, despite growing interest from advocates and entrepreneurs.
Arizona Emerges as a Lone Contender
While Florida drops out, Arizona remains in the spotlight. The state recently advanced its own Digital Assets Strategic Reserve bill further than any other, only for Governor Katie Hobbs to veto it on May 3. Labeling digital assets as “untested investments,” the veto sparked criticism from the crypto community.
“Imagine the ignorance of a politician to believe they can make investment decisions,” said entrepreneur Anthony Pompliano in response to the veto.
Despite this setback, crypto advocates like Dennis Porter, founder of the Satoshi Action Fund, remain hopeful. “Arizona has two more chances to be the first in the nation to establish a Bitcoin reserve,” he said, referencing House Bill 2749 and Senate Bill 1373. The former aims to create a reserve using profits from the unclaimed property fund—a budget-neutral approach—while the latter would authorize investment of up to 10% of state funds into digital assets.
Crypto Community Awaits Next Move
As Florida steps back and Arizona inches forward, the broader debate over Bitcoin’s place in state treasuries continues. Advocates are watching closely to see which state—if any—will be the first to successfully integrate crypto into public finance policy.