Recently, two bills related to Florida's strategic Bitcoin reserve - House Bill 487 and Senate Bill 550 - were officially "indefinitely postponed and withdrawn from consideration". Previously, the Florida legislative body did not manage to pass these bills before the session closure on May 2nd.
These two bills were designed to allow Florida to use up to 10% of a portion of the state's budget to invest in Bitcoin (BTC), thereby forming a strategic cryptocurrency reserve. If passed, this would have been a bold move, marking the official involvement of state government in the digital asset field.
However, with both bills unable to progress in the legislative process, Florida has become the latest state to withdraw from the "legislative race" related to establishing a Bitcoin reserve. Previously, many other states such as Wyoming, North Dakota, South Dakota, Pennsylvania, Montana, and Oklahoma had similar failures in promoting legal initiatives related to investing state budget in digital assets.
Meanwhile, Arizona continues to maintain two bills related to establishing a Bitcoin reserve. Bill HB 2749 proposes using profits from unclaimed property funds to support the BTC reserve without affecting the state budget. The bill SB 1373 aims to empower the state treasurer to allocate up to 10% of state assets in the digital asset field, including Bitcoin.
This development shows that efforts to legalize and integrate digital assets into the US state financial system are still facing many legal and political barriers, despite growing interest in Bitcoin as a potential value storage asset. With Florida's official withdrawal, the trend of establishing strategic Bitcoin reserves at the state level remains a challenging journey in a context without clear consensus from legislative bodies.
