Jonathan Gray
Florida has dropped plans to create a state-managed bitcoin reserve, joining the list of U.S. states backing away from digital asset legislation.
Florida’s bid to allow public funds to be invested in bitcoin seems to be over — at least for now. Two bills, House Bill 487 (HB 487) and Senate Bill 550 (SB 550), were “indefinitely postponed and withdrawn from consideration,” according to the Florida Senate’s website.
Both bills, filed in February 2025, would have allowed the state’s chief financial officer and the State Board of Administration to invest up to 10% of certain public funds in bitcoin.
If passed, Florida would have joined the group of states leading the way on treasury diversification using bitcoin.
But as the session ended on May 2, neither bill made it to a floor vote. Despite early support, particularly at the committee level for HB 487, the bills stalled and were pulled on May 3.
Bitcoin Laws, a tracker of digital asset legislation, reported on X that “The Florida legislature adjourned its 2025 session on May 2, without passage of the bills.”
Florida is not alone. At least 8 other states — Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming — have also seen their bitcoin reserve efforts fail.
Many of those bills never made it out of committee.
According to Bitcoin Laws, over 45 bitcoin-related bills were filed in more than 20 states this year. By May 1, 36 remained active in 19 states. State-level digital asset reserves are running into national headwinds, despite early optimism from Bitcoiners.
Of the states pursuing bitcoin reserves, Arizona got the farthest. Senate Bill 1025, which would have allowed up to 10% of seized funds to be invested in bitcoin, passed both chambers. But Governor Katie Hobbs vetoed it on May 3.
Hobbs said bitcoin was an “untested investment” and expressed concerns about using public pension funds. Her move was met with swift backlash from supporters.
“Retirement funds are not the place to experiment with untested assets,” Hobbs said.
Senator Wendy Rogers responded on Twitter: “Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin.” She also said she’ll refile the bill next session.
In the meantime, New Hampshire has officially become the first state to approve and enact its bitcoin reserve bill. Governor Kelly Ayotte signed HB 302 into law on May 6, which allows 5% of the state’s reserve portfolio to be invested in digital assets with a market cap of at least $500 billion.
Currently, bitcoin is the only candidate.
