Florida Pulls Plug on Bitcoin Reserve Bills, Falling Behind in State-Level Crypto Adoption

Florida has officially backed away from plans to establish a state-level Bitcoin reserve, as two key cryptocurrency bills were indefinitely postponed and withdrawn from consideration on May 3, according to the Florida Senate’s official legislative records.

The now-defunct bills — House Bill 487 and Senate Bill 550 — aimed to allow the state to invest a portion of its funds in Bitcoin (BTC), but were left behind as the state legislature adjourned its regular session on May 2 without advancing the proposals.

Despite passing approximately 230 bills on topics ranging from public health to park protections and school smartphone restrictions, lawmakers did not prioritize cryptocurrency investment or treasury diversification. The legislature agreed to extend its session until June 6 to focus on the state budget, but the crypto proposals were not included in the extension agenda.

State strategic Bitcoin reserve legislation race. Source: Bitcoin Laws

What the Bills Proposed

Introduced in February 2025, HB 487 would have empowered Florida’s Chief Financial Officer and the State Board of Administration to allocate up to 10% of specific state-held funds into Bitcoin. SB 550, filed around the same time, proposed a similar framework for authorizing public fund investments in digital assets.

Had they passed, Florida would have joined a small but growing number of U.S. states exploring crypto as a strategic treasury reserve. Now, with their withdrawal, Florida becomes the latest state to exit the race, following failed crypto investment legislation in Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, as tracked by Bitcoin Laws.

Arizona Still in the Game

The Florida withdrawal comes just days after Arizona’s House Bill 1025, another high-profile Digital Assets Strategic Reserve proposal, was vetoed by Governor Katie Hobbs on May 3. Hobbs cited concerns about digital assets being “untested investments.”

That veto was met with frustration from the crypto community. Investor and entrepreneur Anthony Pompliano criticized the decision, stating, “Imagine the ignorance of a politician to believe they can make investment decisions.”

Despite the setback, Arizona remains the furthest along in pushing Bitcoin reserve legislation and still has two active proposals in the pipeline:

• HB 2749, which offers a budget-neutral approach to establishing a Bitcoin reserve using profits from Arizona’s unclaimed property fund.

• SB 1373, which would allow the state treasurer to allocate up to 10% of Arizona’s funds into digital assets. This bill is still awaiting a final vote.

“Arizona has two more chances to be the first in the nation to establish a Bitcoin reserve,” said Dennis Porter, founder of the Satoshi Action Fund, citing reporting by Fox Business journalist Eleanor Terrett.

A Growing Divide in State Crypto Strategies

The recent wave of withdrawals and vetoes highlights the growing divide among U.S. states over how — or whether — to integrate digital assets into public finance. While some states explore crypto-friendly policy initiatives, others remain cautious or outright dismissive of the asset class, often citing volatility and regulatory uncertainty.

Source: Dennis Porter

The push for state-level Bitcoin reserves has gained attention as crypto advocates argue it could offer governments a hedge against inflation and a way to diversify treasuries, particularly using funds seized or left unclaimed.

But with Florida and others stepping back, and Arizona facing hurdles, the path to official state-held Bitcoin reserves remains narrow — at least for now.