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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Two proposed bills — House Bill 487 and Senate Bill 550 — were officially withdrawn from the legislative process on May 3, according to the Florida Senate.
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.
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.
She called digital assets “untested investments,” effectively stopping the proposed Digital Assets Strategic Reserve Act in its tracks.
Arizona’s House Bill 1025, which had advanced further than any other similar bill nationwide, was vetoed on May 3 by Governor Katie Hobbs.
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.
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.
The veto sparked backlash from crypto advocates, including investor Anthony Pompliano, who criticized political leaders for dismissing Bitcoin’s potential.