Florida Halts Key Bitcoin Reserve Bills, Reflecting National Legislative Trends
In a significant move, Florida has indefinitely postponed two key pieces of legislation aimed at establishing a state-level Bitcoin reserve. This decision signals a slowdown in the state’s efforts to invest in cryptocurrency, mirroring a broader trend of legislative setbacks regarding cryptocurrency reserves across the United States.
Florida’s Legislative Withdrawal
The state has withdrawn House Bill 487 and Senate Bill 550, both introduced in February 2025, from consideration, as per the Florida Senate’s official website. These bills sought to authorize the use of public funds for Bitcoin investment, indicating a potential shift in how state reserves could be managed. With this development, Florida joins a growing list of states retracting from formal cryptocurrency reserve legislation.
Other States Following Suit
The decision aligns with a wider trend of legislative challenges facing Bitcoin reserve proposals nationwide. Similar bills have been shelved or thwarted in states like Wyoming, Pennsylvania, Oklahoma, Montana, North Dakota, and South Dakota. While many of these initiatives are still in early committee stages, few have progressed far enough to secure full legislative approval.
Arizona appeared to have gained the most traction earlier this year with Senate Bill 1025, which passed the state House before being vetoed by Governor Katie Hobbs. This bill would have allowed the investment of public funds in Bitcoin, marking a significant attempt at institutional adoption of the cryptocurrency at the state level. Despite the veto, Arizona is still evaluating Senate Bill 1373, which proposes to allocate up to 10% of state funds to digital assets, including Bitcoin. However, this measure has yet to receive a final vote, leaving its fate uncertain amidst increasing legislative caution.
Is Bitcoin Legislation Losing Momentum Nationally?
Data from Bitcoin Laws indicates that only 19 U.S. states are currently exploring Bitcoin reserve legislation, with 36 bills under discussion. This represents a notable decline over the past six months, reflecting growing hesitance among lawmakers due to market volatility, fiscal risks, and regulatory uncertainties.
The retreat from advancing Bitcoin reserve legislation can be largely attributed to concerns highlighted by Governor Hobbs, particularly the lack of historical data supporting Bitcoin’s stability or reliability for public fund management. Despite the cooling trends at the state level, discussions around Bitcoin reserves are picking up at the federal level, with reports suggesting that former President Donald Trump signed an executive order instructing agencies to explore the feasibility of a national Bitcoin reserve system.
Nevertheless, skepticism persists. Arthur Hayes, co-founder of BitMEX, recently argued that a significant increase in U.S. cryptocurrency holdings is unlikely, citing deep-rooted financial conservatism and cultural resistance toward Bitcoin.
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