Florida Joins Growing List of States Knocking Back Bitcoin Reserve Bills
Florida's legislative efforts to allocate up to 10% of select public funds to Bitcoin through bills HB 487 and SB 550 have been officially withdrawn, ending the state's attempt to establish a crypto reserve. This follows a trend where several states, including Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming, have rejected or abandoned similar initiatives. Arizona's Governor Katie Hobbs vetoed SB 1025, citing risks to pension systems, while a separate custody-focused bill remains under consideration. Oklahoma's strategic reserve bill failed in a narrow Senate vote. South Dakota and Montana also saw their Bitcoin-related bills defeated due to concerns over volatility. Utah amended its blockchain bill to exclude digital asset investments. As of early May, only 36 Bitcoin reserve proposals remain active across 19 states, with Texas and New Hampshire being the most viable contenders.
