- Florida pulls Bitcoin reserve bills HB 487 and SB 550, joining seven states rejecting crypto treasury initiatives in 2025.
- Arizona’s Governor vetoes SB 1025, blocking 10% Bitcoin investment, though SB 1373 on asset custody remains pending.
- Texas and New Hampshire continue advancing Bitcoin reserve legislation, despite setbacks in other states.
In a significant setback for Bitcoin advocates, Florida has pulled its proposed Bitcoin reserve bills. The state joins at least seven others in rejecting similar legislation aimed at allocating public funds to the digital asset. The legislative session closed on May 3, marking the end of Florida’s attempt to back its treasury with Bitcoin. The two bills, HB 487 and SB 550, aimed to allocate up to 10% of select public funds to Bitcoin but were withdrawn before reaching a floor vote.
Florida’s Withdrawal and National Trends
The closure of Florida’s Bitcoin reserve initiative positions the state as one of numerous states which abandoned cryptocurrency-based treasury programs this year. Arizona joins Oklahoma, South Dakota, Montana and North Dakota, Pennsylvania and Wyoming as states which encountered legislative failures for cryptographic assets during 2019. The bills made progress in initial committee stages, yet stopped short of obtaining full approval.
Florida’s bills, HB 487 and SB 550, were “indefinitely postponed and withdrawn from consideration.” This decision comes despite the growing national debate around Bitcoin as a reserve asset. Notably, these efforts gained traction following former President Trump’s vocal support for Bitcoin and digital assets.
Arizona’s and Other States’ Challenges
Governor Katie Hobbs from Arizona rejected SB 1025, the ‘Arizona Strategic Bitcoin Reserve Act’, because this bill aimed to move 10% of state funds into Bitcoin-based investments. The bill faced opposition from Hobbs because she believed pension funds would be exposed to unacceptable dangers.
Arizona state lawmakers remain committed to Bitcoin legislation despite the veto of SB 1025 by Governor Hobbs, as they support the alternative bill SB 1373, which is currently awaiting final approval. The present bill concentrates on asset custody instead of investment, but remains pending for potential approval.
Other states have similarly seen their efforts fail. In Oklahoma, a bill to create a strategic reserve passed one committee but was ultimately rejected in the Senate. South Dakota’s HB 1202 failed after lawmakers expressed concerns over Bitcoin’s volatility. Similarly, Montana’s House Bill 429 was defeated in a floor vote, and North Dakota’s HB 1184 also faced rejection.
Wyoming, Utah, and Legislative Resistance
Wyoming, another state pursuing Bitcoin reserves, saw its proposal voted down in committee, with minimal support. Utah, which had been considered an early frontrunner, amended its blockchain bill. The final version stripped out a provision allowing the state treasurer to invest in digital assets. This marks a sharp turn from earlier in the year, when over 45 Bitcoin reserve bills were introduced across multiple states.
As of May, only 36 Bitcoin reserve proposals remain active in 19 states. Texas and New Hampshire stand out as the most viable contenders for implementing such legislation. These states continue to push forward with their Bitcoin reserve proposals, even as legislative calendars close and time runs out for other states to finalize their efforts.
The Bitcoin reserve proposals in other states currently experience delays or withdrawals as both Texas and New Hampshire remain the primary centers of focus. The growing obstacles against Bitcoin reserve legislation make Texas and New Hampshire frontrunners to establish reserve systems throughout 2025. Most U.S. states have finished their legislative sessions, leaving Bitcoin reserve proposals in a state of uncertainty.
