In a significant move, Florida has withdrawn two legislative bills aimed at establishing a state-level strategic reserve for Bitcoin (BTC). House Bill 487 and Senate Bill 550 were marked as “indefinitely postponed and withdrawn from consideration,” as noted on the state Senate’s official website.
Both bills, introduced in February, sought to pave the way for public funds to be invested in Bitcoin, echoing a growing trend among states exploring cryptocurrency integration into their financial frameworks.
Florida’s decision places it amongst numerous other states, including Wyoming, Pennsylvania, and Oklahoma, that have seen similar proposals falter in the legislative process, as reported by Bitcoin Laws. A considerable number of states still have outstanding legislation addressing BTC investments, with many proposals stalling in the initial committee stages.
Interestingly, Arizona had made strides towards establishing a Bitcoin reserve. Senate Bill 1025 passed through a House vote with a margin of 31-25, only to be subsequently vetoed by Governor Katie Hobbs, who characterized Bitcoin as an “untested investment.” This bill aimed to allow the investment of seized funds into Bitcoin, highlighting the complex and often controversial nature of cryptocurrency legislation.
Additionally, Arizona is still considering SB 1373, which seeks to permit up to 10% of state funds to be allocated to digital assets. However, this piece of legislation is yet to undergo a final vote, leaving its future uncertain.
For further insights: Swiss National Bank Rejects Calls to Add Bitcoin Reserves
