Florida Kills Crypto Legislation—State Bitcoin Reserve Plans Hit Regulatory Quicksand
Another state flinches on digital asset adoption as Florida’s legislature quietly shelves two high-profile cryptocurrency bills. The move stalls a broader push to explore Bitcoin as a treasury reserve asset—a trend gaining traction in pro-crypto states like Texas and Wyoming.
Behind the scenes: Lobbyists whisper about ’risk aversion’ and ’liquidity concerns’ from old-guard finance holdouts. Because nothing terrifies bureaucrats like the idea of state treasuries mooning—or crashing—on their watch.
Silver lining? The bills could resurface in 2026... right after Wall Street finishes front-running the policy.
Florida Extends Session, But Crypto Bills Left Behind
Though lawmakers agreed to extend the session until June 6 for budget negotiations, the crypto bills will not be reconsidered.
HB 487, introduced in February, would have authorized Florida’s chief financial officer and the State Board of Administration to allocate up to 10% of select state funds into Bitcoin.
SB 550, filed in parallel, aimed to facilitate similar investments of public funds into the digital asset.
Their removal places Florida alongside a growing list of states — including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma — that have recently failed to pass legislation allowing Bitcoin-based investment strategies.
The data comes from Bitcoin Laws, a site tracking crypto-related state policy efforts.
During the recent Florida legislative session, lawmakers passed roughly 230 bills addressing a wide range of issues, from banning smartphones in schools to protecting state parks.
However, cryptocurrency initiatives were noticeably absent from the final tally.
Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve.
The most likely to pass (HB 2749) was authored by @JeffWeninger, and it offers a budget neutral method to fund the reserve using profit from the unclaimed property fund. @EleanorTerrett pic.twitter.com/yGlrz2saql
Florida’s move follows closely behind developments in Arizona, where a promising crypto initiative was also halted.
Arizona’s House Bill 1025, which had advanced further than any other similar bill nationwide, was vetoed on May 3 by Governor Katie Hobbs.
She called digital assets “untested investments,” effectively stopping the proposed Digital Assets Strategic Reserve Act in its tracks.
Crypto Advocates Slam Politicians Over Bitcoin Veto
The veto sparked backlash from crypto advocates, including investor Anthony Pompliano, who criticized political leaders for dismissing Bitcoin’s potential.
Dennis Porter, CEO of the Satoshi Action Fund, pointed out that Arizona still has two remaining bills under consideration — HB 2749 and SB 1373 — that could revive the state’s efforts to become the first in the U.S. to create a Bitcoin reserve.
HB 2749 is particularly notable for being budget-neutral, as it proposes using profits from the state’s unclaimed property fund.
SB 1373, meanwhile, would allow the treasurer to invest up to 10% of state funds in digital assets, though it has not yet faced a final vote.
As reported, the US Senate is also facing a sudden breakdown in negotiations over a landmark cryptocurrency bill, placing one of former President Donald Trump’s top financial policy priorities in jeopardy.
The legislation, aimed at establishing the country’s first federal regulatory framework for stablecoins—digital assets pegged to the U.S. dollar—has hit a bipartisan snag, following pushback from key Senate Democrats.
On Saturday, nine Democratic senators, including some who had previously backed the bill in committee, issued a joint statement rejecting a revised version of the legislation introduced by Republicans last week.
