Florida Halts Bitcoin Reserve Legislation Due to Increasing National Challenges

Florida has pulled back from the rising trend among U.S. states to create a Strategic Bitcoin Reserve (SBR).

The Florida Senate announced that two significant legislative measures, House Bill 487 and Senate Bill 550, aimed at facilitating public investments in Bitcoin, have been indefinitely postponed and withdrawn.

Although there was bipartisan backing for the bills, especially for HB 487 during the committee stage, they ultimately did not progress early in the legislative timeline. Records indicate that neither bill moved past the initial committee hearing.

Samuel Armes, the founder of the Florida Blockchain Business Association, expressed that the discussion may not be completely over. He mentioned that despite the apparent halt in progress, there remain avenues to reintroduce similar proposals amid ongoing budget discussions.

He stated:
“To outsiders, it looks like the bills are finished, but insiders realize we still have a month to advocate for it.”

### Is Bitcoin’s reserve bill momentum slowing?

Florida’s withdrawal coincides with Arizona Governor Katie Hobbs’ notable rejection of a comparable initiative.

Hobbs pointed to the lack of reliable data on Bitcoin’s historical performance as her rationale for vetoing what was the most developed SBR proposal in the country.

This decision in Florida reflects a wider deceleration occurring nationwide. Currently, at least eight states, such as Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota, and Wyoming, have halted or scrapped similar efforts.

Across the country, the number of states pursuing SBR-related legislation has now decreased to 19, with 36 bills still under consideration. These measures seek to transform the way states handle long-term reserves by integrating decentralized digital assets like Bitcoin.

On the federal front, initiatives are still being pursued. An executive order has been signed to advocate for the establishment of a national Bitcoin reserve.

Nonetheless, some in the industry are doubtful about the initiative. BitMEX co-founder Arthur Hayes suggested that the U.S. might not increase its Bitcoin holdings due to fiscal worries and ongoing skepticism towards Bitcoin culture.