The dream of a national bitcoin team has once again failed. Just when many crypto supporters were hoping Florida would carve out a new path of 'state-level holding,' reality doused those expectations. On May 3, Florida officially abandoned two highly anticipated cryptocurrency bills—House Bill 487 and Senate Bill 550—meaning that the state's bitcoin strategic reserve plan is temporarily shelved. This is not only a setback for Florida but also an overall failure for states across the U.S. attempting to advance bitcoin reserve plans.
Why did the state government's 'trial' ultimately withdraw?
In fact, these two bills were initially seen as a 'tailwind' for the crypto market. HB 487 proposed allocating up to 10% of specific funds from the state government to bitcoin assets, while SB 550 proposed similar authorization for digital asset investments, which was once considered a milestone initiative for Florida to create a crypto-friendly environment. However, the legislative session on May 2 ended early, and the two bills were ultimately not included in the priority agenda. Although the session was extended to June 6 to address budget issues, legislators have clearly stated that cryptocurrency topics will not be brought up again.
This exposes a harsh reality: even in states that claim to be 'pro-crypto,' crypto policies still face enormous political resistance and uncertainty. This puts Florida alongside states like Wyoming, North Dakota, South Dakota, Pennsylvania, Montana, and Oklahoma, all of which have proposed similar bitcoin investment strategies but have faced failure without exception.
The repeated turmoil of the 'holding dream' across U.S. states
Interestingly, Florida's actions happened almost simultaneously with developments in Arizona. On the same day, a rapidly advancing crypto legislation in Arizona—House Bill 1025—was directly vetoed by Governor Katie Hobbs. The reason? 'Digital assets are untested investments.' This final decision once again kept the bitcoin strategic reserve outside the door.
However, the situation in Arizona remains unclear. Dennis Porter, CEO of the Satoshi Action Fund, revealed that the state still has two bills—HB 2749 and SB 1373—continuing to advance, especially HB 2749, which intends to invest bitcoin using unclaimed property fund revenues, achieving 'zero burden' on the budget, thus being seen as a highly potential breakthrough.
Meanwhile, the federal level in the United States is also not calm. Legislation aimed at establishing the nation's first regulatory framework for stablecoins has recently stalled in Senate negotiations. This plan, once viewed by Trump as a top financial policy, is now pending due to internal divisions within the Democratic Party. Even the nine Democratic senators who previously supported the bill in committee have collectively voiced opposition to the new revised version, causing this legislation to hit another wall.
With the market on hold, how can investors 'predict' the next step?
This policy tug-of-war reveals two signals: on one hand, the institutional path for cryptocurrencies is being seriously discussed, but the process is much more difficult than imagined; on the other hand, short-term uncertainty is eroding market confidence, but in the long run, the ongoing policy tug-of-war is gradually opening doors for digital assets.
For retail investors, the competition at present is not just about 'courage,' but also about the ability to obtain and interpret information. Dynamics at the state level in Florida, Arizona, and even federally can ignite market volatility at any moment; the question is whether you can catch these invisible 'landmines' in time. This is also why AI investment research assistants like Mlion.ai are becoming increasingly indispensable. It can integrate and analyze scattered, complex policy information, combining on-chain data and market sentiment to help investors quickly lock in potential investment opportunities, especially during sensitive periods of frequent policy changes, where insight is more valuable than ever.
Conclusion: The crypto path, step by step
Florida's 'withdrawal' this time is regrettable but also reminds us that the rules of the crypto world have never been set in stone. From state governments to federal, from legislative halls to on-chain ecosystems, this is a 'power game' without gunpowder. How it will develop in the future is hard to predict, but what is certain is that those who can seize the information advantage are the real winners.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks, and one should be cautious when entering the market.
