Legislative Session Ends Without Crypto Progress
Florida’s efforts to invest in Bitcoin have hit a roadblock. House Bill 487 and Senate Bill 550, which aimed to allow public fund investments in Bitcoin, were indefinitely postponed and withdrawn from consideration on May 3, according to the Florida Senate. The state legislature adjourned on May 2 without approving either bill.
While lawmakers passed around 230 bills—covering topics like fluoride bans, smartphone restrictions in schools, and park protections—crypto legislation was left behind.
What Florida’s Bitcoin Bills Proposed
House Bill 487, introduced in February, would have enabled Florida’s Chief Financial Officer and the State Board of Administration to allocate up to 10% of specific state funds into Bitcoin (BTC). Similarly, Senate Bill 550 proposed allowing public fund investments in digital assets.
Both bills represented Florida’s attempt to diversify its state treasury portfolio through Bitcoin reserves—a growing trend among U.S. states exploring crypto investment legislation.
Florida Joins List of States Failing to Pass Bitcoin Legislation
Florida now joins several other states—including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma—that have seen similar Bitcoin investment proposals fail to pass in either legislative chamber, as tracked by Bitcoin Laws.
Arizona Still in the Running for State Bitcoin Reserve
While Florida steps back, Arizona continues to push forward. Just days before Florida’s bills were withdrawn, Arizona’s House Bill 1025—which would have created a state-run Bitcoin reserve—was vetoed by Governor Katie Hobbs on May 3. She cited Bitcoin and other digital assets as “untested investments.”
Despite the veto, crypto supporters are not giving up. According to Satoshi Action Fund founder Dennis Porter, Arizona has two remaining chances:
- House Bill 2749, a budget-neutral proposal leveraging profits from the unclaimed property fund
- Senate Bill 1373, which would allow up to 10% of state funds to be invested in digital assets
SB 1373 is still awaiting a final vote.
Crypto Advocates Push Back Against Political Resistance
The failure of these state-level Bitcoin bills continues to spark criticism from the crypto community. Prominent Bitcoin advocate Anthony Pompliano criticized Arizona’s veto, saying, “Imagine the ignorance of a politician to believe they can make investment decisions.”
As debates around state-level Bitcoin reserves grow louder, all eyes remain on Arizona to see if it will be the first in the U.S. to institutionalize Bitcoin in a state treasury.
