Florida Bails on Bitcoin Reserves—Another Blow to State Crypto Dreams

Florida’s sudden exit from the Bitcoin reserve race leaves crypto advocates scratching their heads—and Wall Street shrugging. Here’s why it matters.

Governor’s office cites ’regulatory uncertainty,’ but skeptics smell political cold feet. Meanwhile, Texas and Wyoming double down on their crypto pushes.

State-led adoption hits another speed bump. Will institutional investors even notice? Probably not—they’re too busy chasing the next shiny DeFi token.

Growing lists of U.S. states dropping the Bitcoin Reserve plan

Florida now joins a growing list of U.S. states where crypto reserve bills have failed to gain support. These states include Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma.

This wave of legislative rejections persists despite speculative momentum surrounding federal-level adoption.

Polymarket data shows a 0% probability that Donald Trump will establish a national Bitcoin reserve within his first hundred days. This remains unchanged despite his executive order suggesting such intent.

In contrast, forecasts for a U.S. Bitcoin reserve materializing sometime in 2025 remain optimistic, with a 59% probability hinting at renewed federal interest.

This coincided with Arizona briefly leading the state-level charge before Governor Katie Hobbs vetoed House Bill 1025 on the 3rd of May, citing the “untested” nature of digital assets.

Expressing on the same, Hobbs had noted, 

“Retirement funds are not the place to experiment with untested assets.”

Needless to say, the bill would have allowed Arizona to convert seized assets into Bitcoin and manage them as a strategic reserve, making it one of the most advanced efforts of its kind before its abrupt halt.

Not all states are flocking together

However, while several states have stepped back from crypto reserve ambitions, North Carolina is charting a different course.

In a major development, North Carolina’s House of Representatives has passed the “Digital Assets Investment Act” (HB92) by a 71–44 vote.

If enacted, the bill will allow the state treasurer to invest up to 5% of certain funds in vetted digital assets. These assets must meet strict custody and compliance requirements to qualify.

This positions North Carolina as a potential leader in government-backed crypto investments. While some states reject similar policies, North Carolina’s approach suggests new opportunities may be emerging in state-level digital asset regulation.