On May 6, 2025, Florida became the eighth state this year to reject the Bitcoin reserve fund bill, as two bills HB 487 and SB 550 were pulled from the agenda on May 3, marking a decline in faith in this policy. Is this the end of Bitcoin ambitions at the state level? Let's analyze in detail.
Florida Withdraws: An Unnoticed End
The two bills HB 487 and SB 550 at #Florida , proposing to allocate up to 10% of public funds into Bitcoin, have been "indefinitely postponed and withdrawn from consideration" as the legislative session ended on May 3. This failure ends the effort to establish a crypto reserve fund at the state level, despite receiving significant attention since President Donald Trump pledged support for Bitcoin.
National Rejection Trend
Florida joins the long list of states rejecting Bitcoin legislation in 2025, including Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming. Many states advanced, such as Arizona, where SB 1025 passed both houses but was vetoed by Governor Katie Hobbs last week, citing: "Pension funds are not a testing ground for unproven assets." Senator Wendy Rogers, a co-author, is committed to reintroducing the bill, stating: "Arizona needs Bitcoin." Arizona still has SB 1373 (focusing on custody) awaiting approval from Hobbs, which has higher prospects.
In Oklahoma, the reserve bill passed a committee with an overwhelming majority but failed 6-5 in the Senate Tax and Revenue Committee on April 29, even though Senator Christi Gillespie switched to support after voter feedback. South Dakota (HB 1202) was rejected 9-3 due to Bitcoin volatility, Montana (HB 429) lost 59-41 despite being promoted as a diversification strategy, and North Dakota (HB 1184) failed 57-32 in February. Pennsylvania and Wyoming also did not pass the committee, while Utah removed the crypto investment clause from the blockchain bill, although it still passed the final version.
Rapid Changes
Just a few weeks ago, over 45 Bitcoin reserve bills were proposed in more than 20 states, but by early May, only 36 bills remained in 19 states (according to BitcoinLaws). This decline reflects increasing caution, contrasting with the initial optimism from the Bitcoin community.
Prospects from Texas and New Hampshire
Texas and New Hampshire are currently the two most promising states, with reserve bills still progressing in the legislature. However, with the legislative session nearing its end, many remaining bills are racing against time, while some like Rogers' are preparing for the next session.
Impact on the Crypto Market
This event brings many signals:
Short-term confidence decline: The rejection in Florida and other states may slow the trend of organization, affecting the price of Bitcoin ($94,000, preparing to reach $120,000).
Promoting the legal framework: Pressure from rejections may lead to clearer regulations, supporting Bitcoin ETFs (attracting $1.8 billion last week) and altcoins.
Long-term opportunity: Success in Texas and New Hampshire could restart the wave, especially as the crypto fund reached $3.4 billion last week.
Conclusion: Will Bitcoin Reserves at the State Level Revive?
Florida's rejection of the Bitcoin reserve bill, joining the list of 7 other states, reflects rising resistance despite support from Trump. While Arizona, Oklahoma, and other states have failed, Texas and New Hampshire remain hopeful, with the potential to shape the market in the next 2-3 years. Investors should closely monitor to seize opportunities amid volatility.
Risk warning: Crypto investment carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong