“Florida Withdraws from Bitcoin Reserve Program, State-Level Cryptocurrency Revolution Fails!”

Florida has quietly ended its initiative to incorporate Bitcoin into the state financial plan, with two proposed bills (HB 487 and SB 550) that aimed to invest 10% of public funds into Bitcoin officially withdrawn at the conclusion of the legislative session on May 3, failing to gain full voting support. This initiative was supposed to be a breakthrough for state-level cryptocurrency adoption, but has now been indefinitely postponed.

This change makes Florida one of the growing number of states in the U.S. that are abandoning Bitcoin reserve programs, including Wyoming and South Dakota. While there are still discussions at the federal level, state-level Bitcoin reserve programs are facing numerous obstacles. Recently, Arizona also withdrew a similar bill, with Governor Hobbs stating that digital assets are "untested" and unsuitable for retirement funds.

However, North Carolina is taking the lead, with the House passing the "Digital Assets Investment Act," allowing up to 5% of funds to be invested in compliant digital assets, positioning it as a potential leader in cryptocurrency investment. This shift indicates that despite some states withdrawing, the potential for state-level cryptocurrency policy is still surging.