Florida Pulls Bitcoin Reserve Legislation from Review

Florida has decided to cancel two proposed bills aimed at establishing a state-level strategic bitcoin (BTC) reserve.

According to the state Senate records, House Bill 487 and Senate Bill 550 were marked as “indefinitely postponed and withdrawn from consideration.” Both pieces of legislation, introduced in February, intended to permit the investment of state funds in BTC.

Florida is among several states, including Wyoming, Pennsylvania, and Oklahoma, where similar BTC investment bills have failed to progress through the legislative framework. Numerous other states currently have pending bills, with most still in preliminary committee stages.

Arizona had made strides toward establishing a BTC reserve with SB 1025, which narrowly passed a House vote but was ultimately vetoed by Governor Katie Hobbs. This bill aimed to enable the investment of confiscated assets in BTC.

Additionally, Arizona’s SB 1373 is still under consideration, which would allow a maximum of 10% of state funds to be invested in digital assets. This bill has yet to be finalized and voted upon.