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Florida scraps Bitcoin reserve bills as state-level crypto adoption faces setbacks
By: coinjournal|2025/05/06 21:45:02
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Florida’s decision follows a broader trend of legislative setbacks surrounding Bitcoin reserve proposals.Similar bills have been shelved or blocked in states like Wyoming, Pennsylvania, Oklahoma, Montana, North Dakota, and South Dakota.Only 19 US states are still actively exploring legislation related to state Bitcoin reserves.Florida has withdrawn two key bills aimed at creating a state-level strategic Bitcoin (BTC) reserve, marking a significant pause in momentum for state-driven crypto investment efforts across the US.House Bill 487 and Senate Bill 550, both introduced in February 2025, have now been “indefinitely postponed and withdrawn from consideration,” according to the Florida Senate website.The bills had sought to authorize the use of public funds to invest in Bitcoin, signaling a potential shift in how state reserves are managed.With their withdrawal, Florida becomes the latest in a growing list of states backing away from formal crypto reserve legislation.Multiple states stall on BTC investment plansFlorida’s decision follows a broader trend of legislative setbacks surrounding Bitcoin reserve proposals.Similar bills have been shelved or blocked in states like Wyoming, Pennsylvania, Oklahoma, Montana, North Dakota, and South Dakota.While many of these initiatives remain in early committee stages, few have progressed far enough to secure full legislative approval.Arizona had shown the most progress earlier this year with SB 1025, which passed a state House vote before being vetoed by Governor Katie Hobbs.The bill would have permitted investment of seized state funds into Bitcoin, representing the most advanced attempt at institutional BTC adoption at the state level.Despite the veto of SB 1025, Arizona is still considering SB 1373, a separate proposal that would allow up to 10% of state funds to be allocated to digital assets, including Bitcoin.However, that bill has yet to reach a final vote, and its fate remains uncertain amid growing legislative caution.Is Bitcoin legislation losing steam nationwide?According to data from Bitcoin Laws, only 19 US states are still actively exploring legislation related to state Bitcoin reserves (SBRs), with 36 bills under discussion.The number has dropped significantly over the past six months, reflecting increased hesitation among lawmakers due to market volatility, fiscal risks, and regulatory uncertainty.Much of this retreat has been attributed to concerns like those cited by Arizona Governor Katie Hobbs, who pointed to the lack of long-term historical data supporting Bitcoin’s stability or reliability for public fund management.Despite the slowdown at the state level, Bitcoin reserve discussions are gaining traction federally.President Donald Trump has reportedly signed an executive order directing agencies to explore the feasibility of a national Bitcoin reserve system.Still, skepticism remains. BitMEX co-founder Arthur Hayes recently argued that the US is unlikely to meaningfully expand its crypto holdings, citing entrenched financial conservatism and cultural resistance toward Bitcoin.The post Florida scraps Bitcoin reserve bills as state-level crypto adoption faces setbacks appeared first on CoinJournal.
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