- Florida stopped progress on public BTC funds after two key bills failed to move forward.
- Lawmakers did not include crypto funds in the list of over 200 passed state laws.
- Leaders may still bring back similar plans during upcoming budget talks in the summer.
Florida has formally withdrawn two proposed Bitcoin reserve bills, HB 487 and SB 550, after the legislature missed the May 2 deadline. This move places Florida among six other U.S. states—Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma—where similar crypto legislation has stalled or failed to pass.
Strategic Reserve Plans Halted Early
The bills sought to create a Strategic Bitcoin Reserve (SBR) for Florida using public funds. HB 487 proposed investing up to 10% of specific state funds—including the General Revenue Fund and the Budget Stabilization Fund—into Bitcoin. The State Board of Administration and the Chief Financial Officer would oversee these investments.
SB 550 was introduced as a companion bill to HB 487’s structure and purpose. Despite bipartisan backup, especially for HB 487, both bills failed to advance beyond the committee stage.
On April 10, HB 487 passed its first committee hearing unanimously. However, neither bill made further progress before the session’s closure. According to Florida Senate records, both were “indefinitely postponed and withdrawn from consideration” on May 3.
Missed Opportunity Amid Legislative Priorities
Florida’s legislative session, which closed on May 2, saw the passage of over 230 bills unrelated to cryptocurrency. Topics addressed included banning smartphones in schools, managing state park resources, and removing fluoride from public water systems.
Even after the session was extended to June 6 to facilitate additional negotiations over the budget, lawmakers did not return to tackle the issue of crypto investment. Investing the state treasury portfolio in digital assets was not included in the new legislative agenda.
Florida Blockchain Business Association President Samuel Armes noted that the discussion is still ongoing and stated that though the bills have been pulled, there is still the possibility to reprise similar language with ongoing budget negotiations.
Related: Texas Senate Passes Bill to Create State Bitcoin Reserve
National Caution Reflects Market Uncertainty
Florida’s retreat signifies a broader reluctance among U.S. states to bring digital assets onto public balance sheets. As Florida pulls away, Roswell, New Mexico, was the first U.S. city to introduce a Bitcoin reserve, creating localized but limited traction.
Meanwhile, two bills, HB 2749 and SB 1373, are still pending in Arizona. These would allow the state to establish a digital asset reserve, like using unclaimed property money. HB 1025 was vetoed by Governor Katie Hobbs as an “untested investment” that branded Bitcoin. This divergence raises a fundamental question: Can Bitcoin ever be trusted as a state-level financial stability strategic asset?
