The two cryptocurrency bills promoted by Florida have recently been withdrawn, dealing another blow to the initiatives of U.S. states to establish Bitcoin strategic reserves.
Two Bitcoin bills in Florida have been withdrawn.
According to the announcement from the Florida Senate, the legislative status of House Bill 487 (HB 487) and Senate Bill 550 (SB 550) was changed on May 3 to 'indefinitely postponed and withdrawn from consideration.'
The HB 487 proposed in February would originally allow the Florida State Treasurer and the State Administration Commission to invest up to 10% of certain state funds in Bitcoin. Similarly, SB 550 proposed in February aims to allow public funds to invest in Bitcoin.
The Florida legislative session ended on May 2, and the two bills aimed at establishing cryptocurrency reserves in the state failed to pass. However, both chambers have agreed to extend the session until June 6 to address the budget proposal.
Progress of bills in other states
According to statistics from Bitcoin Laws, in addition to Florida, Bitcoin bills in Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma have also failed due to not passing votes in the House or Senate.
Just days before the Florida bills were withdrawn, Arizona's Bitcoin Strategic Reserve (HB 1025) legislation had progressed to the forefront nationally, but House Bill 1025 (HB 1025) was ultimately vetoed by Governor Katie Hobbs on May 3. She believed that digital assets are 'unverified investments.' The bill originally allowed the state treasurer and retirement systems to invest up to 10% of the public funds they manage in cryptocurrency. This move sparked strong discontent among crypto supporters and Bitcoin advocates.
However, despite HB 1025 being vetoed by the governor, Arizona still has two bills (HB 2749 and SB 1373) that have a chance to be approved. Satoshi Action Fund founder Dennis Porter stated on May 5 that the most likely to pass is HB 2749, which adopts a 'budget-neutral' approach, planning to use profits from the unclaimed property fund to establish the reserve.
Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve. The most likely to pass (HB 2749) was authored by @JeffWeninger, and it offers a budget-neutral method to fund the reserve using profit from the unclaimed property fund. @EleanorTerrett pic.twitter.com/yGlrz2saql
— Dennis Porter (@Dennis_Porter_) May 5, 2025
Another related bill, SB 1373, aims to authorize the use of digital assets seized by the state government to establish a 'Digital Asset Strategic Reserve Fund.'
Source
