Florida Drops Bitcoin Reserve Bills as Legislative Session Closes

Highlights:

• Florida has dropped two bills that focus on BTC, hence ending its effort to create a crypto reserve.
• Several US states have failed to pass Bitcoin bills despite growing interest in virtual assets for public funds.
• The growing interest in Bitcoin as a way to diversify state financial portfolios has not yet resulted in success.

Florida has ended its efforts to allow public investment in Bitcoin after two key bills were removed from the legislative process on May 3. House Bill 487 and Senate Bill 550, both introduced earlier this year, were officially withdrawn before lawmakers could vote. Although the state’s legislative session was extended to June 6 for budget discussions, both crypto-focused proposals will not return for consideration.

Florida takes strategic Bitcoin reserve bills off the table

Two Florida crypto bills have been removed from the legislative process in the latest blow to American state-level strategic Bitcoin reserve ambitions.

Florida’s House Bill 487 and Senate Bill 550 have been… pic.twitter.com/18iz5FFW8o

— MetaEra (@MetaEraHK) May 6, 2025

House Bill 487, which was introduced in February, aimed to authorize Florida’s Chief Financial Officer and the State Board of Administration to invest up to 10% of specific public funds in Bitcoin. It also included requirements for strict custody and compliance protocols.

Senate Bill 550, which was filed the same month, closely mirrored the content of House Bill 487. The bill also called for allowing the state to allocate public funds into Bitcoin, following similar guidelines. Although House Bill 487 advanced through one committee hearing on April 10 with unanimous support, neither bill moved further before the legislative session closed on May 2.

Even though lawmakers in Florida passed around 230 bills this session, none included proposals involving digital asset investment. The bills passed focused on matters such as banning smartphones in schools, protecting state parks, and removing fluoride from public water supplies. However, no action was taken on Bitcoin-related investment policies, which had gained early attention but lost momentum before final approval.

State-Level Crypto Investment Push Slows Across the U.S.

Florida now joins several other states, such as Oklahoma, that have also failed to push forward legislation for creating state-level Bitcoin reserves. The states attempted to introduce similar strategies to invest state funds in Bitcoin. However, none succeeded in passing legislation through both chambers.

Oklahoma’s House Bill 1203 managed to progress through several steps before it was voted down in committee. Although the proposal had support from some lawmakers, it faced resistance from members across party lines, which prevented it from advancing further. The growing interest in Bitcoin as a way to diversify state financial portfolios has not yet resulted in success for any state legislature.

Lawmakers across several states view Bitcoin as a shield against inflation. The political differences around digital assets and their state finance function are slowing down the development of potential solutions.

Arizona Holds Out with Two Remaining Bitcoin Bills

In Arizona, efforts to establish a strategic Bitcoin reserve also faced obstacles. The bill, named House Bill 1025, permitted the state to use seized funds to purchase Bitcoin. The bill passed through the legislature but was vetoed by Governor Katie Hobbs on May 3. She stated that digital assets remain untested and raised concerns about financial risk.

Following the veto, several crypto supporters expressed disappointment. Anthony Pompliano criticized the move by the governor. He questioned whether political leaders should make investment decisions.

The Governor of Arizona just vetoed a bill that would have seen the state invest in bitcoin.

Imagine the ignorance of a politician to believe they can make investment decisions.

If she can’t outperform bitcoin, she must buy it. pic.twitter.com/VoTAhrcvCM

— Anthony Pompliano 🌪 (@APompliano) May 3, 2025

Dennis Porter, CEO of the Satoshi Action Fund, noted that Arizona still has two active proposals that could move forward. House Bill 2749 suggests using profits from the unclaimed property fund of the state to invest. In addition, Senate Bill 1373 proposes that up to 10% of state funds be allocated to digital assets.