Florida Dumps Bitcoin Reserve Bill; Is State-Level Crypto Adoption Losing Momentum?
Highlights
- Florida joins the list of states, including Wyoming and Pennsylvania, where Bitcoin reserve efforts have failed.
- Several U.S. states have struggled to advance crypto investment legislation, with Arizona's recent veto of its Bitcoin reserve bill.
- The U.S. Treasury Secretary’s delayed report on a Strategic Bitcoin Reserve is expected to provide critical guidance on legal, custodial, and legislative considerations.
The US state of Florida has removed two bills relating to Bitcoin reserve from the crypto-legislative process, which could be a major blow to America’s ambitious crypto reserve plans. House Bill 487 and Senate Bill 550, proposals aimed at creating a state-held Bitcoin fund, will not move forward for an indefinite period.
Florida Says No To Bitcoin Reserves
Earlier this year, Florida lawmakers introduced two bills – House Bill 487 and Senate Bill 550 – in a push towards building the state’s own Bitcoin fund.
Introduced in February, House Bill 487 sought to permit Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of specific state funds into Bitcoin. Similarly, Senate Bill 550 aimed to authorize the investment of public funds in Bitcoin. However, the Florida Senate has decided not to move ahead with any Bitcoin reserve plans as of now.
What Are Other US States Doing?
Florida has joined the list of states that have stepped back from passing state-level crypto investment legislation. Alongside Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, Bitcoin-related bills in these states have failed to clear House or Senate votes. Last week, Roswell became the first US city to build its Bitcoin fund, holding BTC as reserves.
Just days after Arizona made significant progress on its strategic Bitcoin reserve legislation, Governor Katie Hobbs vetoed House Bill 1025 on May 3, citing digital assets as “untested investments.” The Digital Assets Strategic Reserve bill aimed to allow Arizona to invest seized funds in Bitcoin, creating a state-managed reserve overseen by officials.
Will Scott Bessent Approve Crypto Reserve Plans?
Following U.S. President Donald Trump’s executive order in March 2025, US Treasury Secretary Scott Bessent was set to deliver an assessment on the Bitcoin reserve plan yesterday, per the May 5 deadline. However, no official announcement has been made so far in this regard by him.
The upcoming report from the U.S. Treasury Secretary on a Strategic BTC Reserve will deliver key insights into its legal and investment framework. The evaluation will outline suitable accounts for custody and management of the assets while assessing whether legislative changes are required to ensure the project’s viability.
As of now, Bitcoin price is flirting around $94,000 levels. Thus, any decision on the reserve plan could serve as a major catalyst for a new BTC all-time high.
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