Florida drops proposals for Bitcoin investments, while other U.S. states continue the race for a strategic reserve.
Florida has officially withdrawn two bills that would have allowed the state to include Bitcoin in its national reserves. The Florida House and Senate marked both House Bill 487 and Senate Bill 550 as “indefinitely postponed and withdrawn from consideration.” The state’s legislative session concluded on May 2 without approving either proposal.
House Bill 487, introduced last February, would have authorized Florida’s Chief Financial Officer and the State Board of Administration to invest up to 10% of certain state funds in bitcoin. Meanwhile, Senate Bill 550, also filed in February, aimed to allow the investment of public funds in the leading cryptocurrency.
With this withdrawal, Florida steps out of the competition to pass state-level legislation on Bitcoin and digital asset investments, joining states like Wyoming, South Dakota, Pennsylvania, Montana, and Oklahoma — all of which have seen similar proposals fail in House or Senate votes.
Two chances left for Arizona
According to Dennis Porter, founder of Satoshi Action Fund, “Arizona still has two chances to become the first state in the nation to establish a strategic bitcoin reserve.” Porter mainly refers to House Bill 2749, which offers a budget-neutral method to fund the reserve using profits from the unclaimed property fund.
There’s also a related bill, Senate Bill 1373, which would authorize the state treasurer to allocate up to 10% of Arizona’s state funds into digital assets.
