Florida drops Strategic Bitcoin Reserve plans as bills are withdrawn indefinitely 

The US state of Florida has indefinitely postponed and withdrawn two crypto bills to form the Strategic Bitcoin Reserve from consideration. The two bills, House Bill 487 (HB 487) and Senate Bill 550 (SB 550), which aim to allocate up to 10% of public funds to BTC, were closed on Saturday. Meanwhile, the Arizona bill remains in the race, awaiting the governor’s approval.

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on Saturday that two crypto bills for establishing a Strategic Bitcoin Reserve were indefinitely postponed and withdrawn from consideration.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.”

“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.

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.