Florida has exited the competition to create a strategic bitcoin reserve, as two bills, HB 487 and SB 550, which proposed investments in crypto assets, have been delayed indefinitely.
This is reported by Business • Media
According to information from experts at the Bitcoin Laws project, both bills, introduced in February 2025, have not progressed further. The SB 550 bill, initiated by Senator Joe Gruters, would have allowed the authorities to use funds from various sources to invest in crypto assets, primarily bitcoins. In contrast, HB 487, introduced by House Representative Webster Barnaby, reiterated previous provisions with some changes.
Status of the Bills
Both bills stipulated that the state treasurer could invest up to 10% of funds from municipal accounts in certain crypto assets through derivative products or trusted intermediaries. The official website of the Florida Senate indicates that HB 487 received approval from the Insurance and Banking Subcommittee on April 10, 2025. However, both bills currently have the status:
“Delayed indefinitely and withdrawn from consideration.”
Thus, Florida will not be able to create a bitcoin reserve, as other states, such as Arizona and New Hampshire, have advanced further on this issue. Meanwhile, Arizona Governor Katie Hobbs has blocked one of the bills, considering investments in bitcoin too risky.
Rejection by Other States
Additionally, several other states, including Oklahoma, Montana, North Dakota, Pennsylvania, South Dakota, and Wyoming, have also abandoned plans to create a bitcoin reserve. In Montana, the bill was rejected as early as late February 2025, as its opponents emphasized that the initiative was an attempt to conduct unjustified manipulations with taxpayers’ money.