Florida suddenly 'hits the brakes'! The dream of Bitcoin state reserves faces another blow, with Arizona becoming the last hope?

Two highly anticipated Bitcoin reserve bills in Florida, HB 487 and SB 550, have been officially withdrawn, as the state legislature did not pass them before adjourning on May 2. This was originally expected to spark a trend of states competing to allocate digital gold, but it faced a harsh reality check. Despite the legislative session passing over 230 bills, ranging from water quality safety to campus phone bans, the topic of crypto investment was notably untouched.

HB 487 had proposed allowing the state treasury to invest up to 10% of its funds in Bitcoin, which was seen as an important signal of the 'digital transformation' of state finances in the United States. Now, with Florida's exit, it means that Bitcoin bills in states like Wyoming, North and South Dakota, and Montana have also been shelved, causing the landscape of state-level strategic reserves to shrink abruptly.

The spark of hope still burns in Arizona. Although HB 1025 was vetoed by the governor, HB 2749 and SB 1373 still have a chance, potentially bypassing budget pressures by leveraging 'unclaimed asset revenues' to greenlight Bitcoin reserves. The crypto community holds its breath, wondering if the next 'on-chain finance state' in America can successfully emerge?