In a significant development for cryptocurrency advocates, Florida has removed two proposed bills aimed at establishing a state-level Bitcoin reserve from its legislative agenda. The two bills, House Bill 487 and Senate Bill 550, were “indefinitely postponed and withdrawn from consideration” as of May 3, according to official reports from the Florida Senate.
The legislative session in Florida concluded on May 2 without the passage of these critical bills, which were designed to facilitate investments in Bitcoin for the state’s treasury. Despite an extension of the session until June 6 to address budget plans, the goal of diversifying state investments into cryptocurrencies was notably absent from the agenda.
During the session, lawmakers successfully advanced approximately 230 bills addressing diverse issues, from environmental protections to education policies. However, the potential for incorporating Bitcoin into the state’s financial portfolio remained sidelined.
The now-defunct HB 487 was introduced in February and aimed to permit Florida’s Chief Financial Officer and the State Board of Administration to invest up to 10% of specific state funds into Bitcoin (BTC). Similarly, SB 550 sought to enable investments of public funds in the cryptocurrency.
Florida’s withdrawal from the race to enact crypto investment legislation aligns with similar trends seen in other states, including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, all of which have encountered challenges in advancing Bitcoin bills through legislative votes.
Arizona: A Beacon of Hope for Bitcoin Advocates
In contrast, Arizona has recently made strides in advancing its strategic Bitcoin reserve legislation. However, the momentum was halted when House Bill 1025 was vetoed by Governor Katie Hobbs, who denounced digital assets as “untested investments” on May 3. This particular bill would have allowed Arizona to invest seized funds into a Bitcoin reserve managed by state officials, stoking disappointment among crypto supporters.
Despite this setback, advocates like Dennis Porter, founder of the Satoshi Action Fund, maintain optimism, highlighting that Arizona has two additional opportunities to establish a Bitcoin reserve. The most promising of these is HB 2749, which intends to utilize profits from the unclaimed property fund, presenting a budget-neutral approach to funding the initiative.
Another notable piece of legislation, SB 1373, aims to authorize the state treasurer to allocate up to 10% of state funds into digital assets. However, this bill has yet to be voted upon.
This legislative landscape outlines the ongoing struggle states face in adapting to the burgeoning world of cryptocurrencies—and while setbacks like Florida’s withdrawal are disheartening, the fight for cryptocurrency integration continues fervently in other regions.
