Florida Withdraws Proposed Bitcoin Reserve Legislation
Two bills aimed at establishing a state-level bitcoin reserve in Florida have been withdrawn from consideration.
Florida has officially withdrawn two proposed bills for a state-level strategic bitcoin (BTC) reserve. The House Bill 487 and Senate Bill 550 have been “indefinitely postponed and withdrawn from consideration,” as stated on the state Senate’s website. Initially filed in February, these bills aimed to facilitate public investments in BTC.
Key Points
- Florida’s legislative effort to create a strategic bitcoin reserve has been halted.
- House Bill 487 and Senate Bill 550 have been taken off the table.
- Similar initiatives in states like Wyoming, Pennsylvania, and Oklahoma have also failed to progress.
In addition to Florida, other states are exploring the creation of such reserves but face challenges in moving through the legislative process. For instance, Arizona’s SB 1025 was the most advanced proposal, but it was vetoed by Governor Katie Hobbs despite passing a House vote.
Despite these setbacks, a related bill in Arizona, SB 1373, which could allocate 10% of state funds to digital assets, is still pending a final vote.
