The Florida Congress officially withdrew two bills aimed at creating a strategic Bitcoin reserve at the state level. These are House Bill 487 and Senate Bill 550, which proposed allowing investment of up to 10% of state funds, including from the General Revenue Fund and the Budget Stabilization Fund, in Bitcoin (BTC). The bills, submitted in February, also included the possibility of using BTC in exchange-traded products and establishing strict storage and compliance requirements. However, on May 3, before the end of the legislative session, both documents were 'indefinitely postponed and withdrawn from consideration,' halting Florida's plans for cryptocurrency reserves.
This move reflects the caution of states regarding investment in digital assets amid regulatory uncertainties. Florida joined other states, such as Wyoming, Oklahoma, and Montana, where similar initiatives did not receive support. At the same time, Arizona remains a leader in advancing legislation on BTC reserves, although it also faces resistance there.
Florida's decision was a blow to cryptocurrency advocates who saw these bills as a step toward recognizing Bitcoin as a strategic asset. Stay tuned for news about cryptocurrencies and mining! Subscribe to #MiningUpdates.
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