Florida has become the latest state to drop plans for a Strategic Bitcoin Reserve, shelving two key bills that would have allowed public funds to be invested in Bitcoin.
According to the Florida Senate, both of Florida’s Bitcoin reserve bills, House Bill 487 and Senate Bill 550, were “indefinitely postponed and withdrawn from consideration” on May 3.
The state’s legislative session ended on May 2 without a vote on either bill, effectively killing the proposal despite early momentum.
HB 487, titled “Investments of Public Funds in Bitcoin,” was introduced in February and passed its first committee hearing unanimously on April 10.
The bill would have allowed the state’s Chief Financial Officer and the State Board of Administration to allocate up to 10% of key public funds, including the General Revenue Fund and Budget Stabilization Fund, into Bitcoin.
It also included provisions for lending BTC and using it in exchange-traded products, while outlining strict custody and compliance requirements.
SB 550, a companion bill filed the same month, mirrored HB 487’s goals and sought to authorize similar investments from Florida’s state funds.
However, with neither bill progressing past committee stages before session adjournment, Florida’s attempt to join the growing list of states exploring Bitcoin-backed treasuries has now stalled.
Florida joins a growing group of states that have seen their Bitcoin reserve efforts fizzle out. Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma have all had similar bills fail to pass House or Senate votes in recent months.
Oklahoma’s HB 1203, for example, made it through multiple legislative hurdles but was narrowly voted down in committee after facing bipartisan pushback.
The retreat by these states comes despite growing interest in Bitcoin as a hedge against inflation and a diversification tool for state treasuries. Several lawmakers had pitched the idea as a bold move to modernize public finance and reduce reliance on fiat currencies.
Arizona is currently leading the race, but not without setbacks. On April 28, its legislature passed SB 1025 and SB 1373 to establish a Strategic Bitcoin Reserve. Still, Governor Katie Hobbs vetoed SB 1025 days later, calling digital assets “untested investments” and citing budget concerns.
Despite the veto, Arizona still has two other active bills, HB 2749 and SB 1373. HB 2749 proposes a budget-neutral reserve funded by unclaimed property profits, while SB 1373 would allow up to 10% of state funds to be invested in digital assets.
