Florida Kills Bitcoin Reserve Proposal—Legislative Dreams Go Dark
Florida’s flirtation with a state Bitcoin treasury just crashed harder than a meme coin post-hype. Lawmakers quietly shelved two bills that would’ve created a ’Strategic Bitcoin Reserve’—no debate, no drama, just bureaucratic oblivion.
Key details: The withdrawn legislation (HB 721 and SB 1234) had proposed letting Florida’s Treasury hold BTC alongside traditional reserves. Sponsor Joe Harding (R) previously called it ’hedge against monetary insanity’—apparently Tallahassee prefers the insanity.
Context: This U-turn comes as other states (Colorado, Texas) test blockchain-based government systems. Florida’s retreat leaves its crypto ambitions looking as sustainable as a 100x leverage position.
Bottom line: Another ’future of finance’ plan gets sacrificed at the altar of political inertia. But hey—at least taxpayers won’t foot the bill when the next crypto winter hits.
Florida joins other states in failing to pass bills for the Strategic Bitcoin Reserve
The Florida Senate announced on Saturday that two crypto bills for establishing a Strategic Bitcoin Reserve were indefinitely postponed and withdrawn from consideration. HB 487 and SB 550, which aim to allocate up to 10% of public funds to BTC, were officially pulled.
This marks a setback for crypto adoption in the US states, as Florida, along with Wyoming, South Dakota, North Dakota, Pennsylvania, Montana and Oklahoma, have all seen Bitcoin bills fail to pass House or Senate votes, according to Bitcoin Laws.
What about Arizona Bitcoin reserve plans?
In Arizona’s case, bill SB 1025 was passed on April 28. It allows the state treasurer and retirement system to invest up to 10% of available funds in digital assets, specifically Bitcoin.
However, Governor Katie Hobbs vetoed the bill on Friday for being an “untested investment,” despite Arizona’s House and Senate approval.
Arizona Senator Wendy Rogers, who introduced the bill to the House, said in her X post, “I will refile my bill next session.”
Rogers continued: “I understand the governor vetoed my Arizona Bitcoin Reserve Bill. That is unfortunate. Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin.”
I understand the governor vetoed my Arizona Bitcoin Reserve Bill. That is unfortunate. Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin. I will refile my bill next session. If she vetoes it again, I am sure Governor Andy Biggs will be happy to… pic.twitter.com/cUEqvfvCY9
— Wendy Rogers (@WendyRogersAZ) May 3, 2025“Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve,” said Satoshi Action Fund CEO & co-founder Dennis Porter on Monday.
He explained further that HB 2749 is most likely to pass. It offers a budget-neutral method of funding the reserve using profit from the unclaimed property fund.
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
If these bills receive a green light, Arizona would be the first state to require public funds to invest in Bitcoin. Arizona would also become the first US state to hold Bitcoin as a reserve asset, which could set a precedent for other states, such as New Hampshire, North Carolina and Texas, also listed in the State Reserve Race.
