📉 Florida Dumps Bitcoin Reserve Bill; Is State-Level Crypto Adoption Losing Momentum?

The US state of Florida has removed two bills relating to Bitcoin reserve from the crypto-legislative process, which could be a major blow to America’s ambitious crypto reserve plans.

House Bill 487 and Senate Bill 550, proposals aimed at creating a state-held Bitcoin fund, will not move forward for an indefinite period.

Earlier this year, Florida lawmakers introduced two bills – House Bill 487 and Senate Bill 550 – in a push towards building the state’s own Bitcoin fund.

Introduced in February, House Bill 487 sought to permit Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of specific state funds into Bitcoin.

Similarly, Senate Bill 550 aimed to authorize the investment of public funds in Bitcoin. However, the Florida Senate has decided not to move ahead with any Bitcoin reserve plans as of now.

What Are Other US States Doing?

Florida has joined the list of states that have stepped back from passing state-level crypto investment legislation. Alongside Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, Bitcoin-related bills in these states have failed to clear House or Senate votes.

Last week, Roswell became the first US city to build its Bitcoin fund, holding BTC as reserves.

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