Florida Backs Out of Bitcoin Reserve Race as State Crypto Bills Collapse

The push to establish a Bitcoin reserve in Florida has hit a wall, with two key bills aimed at integrating crypto into the state’s financial strategy officially withdrawn. On May 3, both House Bill 487 and Senate Bill 550 were “indefinitely postponed and withdrawn from consideration,” marking a clear end to the state’s legislative experiment with Bitcoin-backed public funds. Introduced in February, HB 487 proposed allowing Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of certain state-held assets into Bitcoin . SB 550 echoed a similar intent, pushing for broader permission to invest public money in the digital asset. Crypto Reserve Hopes Fizzle Out in Florida Legislature But despite a legislative session that pushed through more than 230 bills—including ones banning fluoride in water, protecting parks, and limiting smartphone use in schools—Bitcoin didn’t make the cut. Though lawmakers extended their session to June 6 to finalize budget talks, the crypto bills weren’t part of the conversation. Their quiet removal from the docket suggests not just a loss of momentum, but a broader reluctance to wade into the volatile waters of digital assets at the state level. Florida now joins a growing list of U.S. states—including Wyoming, South Dakota, Pennsylvania, Montana, North Dakota, and Oklahoma—that have seen their own Bitcoin reserve efforts falter in recent months. While the legislative appetite for Bitcoin-based treasuries once looked promising, the tide has clearly shifted. A Growing List of State-Level Bitcoin Bill Failures Much of that shift can be attributed to growing regulatory uncertainty and political caution. Just days before Florida’s bills were pulled, Arizona’s ambitious Bitcoin reserve bill, HB 1025, was vetoed by Governor Katie Hobbs, who dismissed digital assets as “untested investments.” The move drew strong backlash from crypto proponents like Anthony Pompliano, who criticized the governor’s decision as short-sighted and uninformed. Still, Arizona remains in the game . Two other bills—HB 2749, which offers a budget-neutral reserve strategy funded by unclaimed property profits, and SB 1373, which proposes a 10% cap on digital asset investments—are still on the table and could make Arizona the first state to hold Bitcoin in its treasury. The post Florida Backs Out of Bitcoin Reserve Race as State Crypto Bills Collapse appeared first on TheCoinrise.com .

Source: The Coin Rise