Florida abandons Bitcoin Reserves competition - Implications for state-driven cryptocurrency adoption
Tit-for-Tat with Florida's Bitcoin Treasury: Pulling the Plug without So Much as a Formal Vote
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In a surprising twist, Florida's foray into Bitcoin [BTC] integration has hit a snag, with the proposed bills—HB 487 and SB 550—quietly draining away like the tides.
This duo of legislation, aiming to allocate up to 10% of specific public funds into Bitcoin, vanished from the legislative radar as the session concluded on May 3rd. Without ever gracing the floor, both measures were indefinitely postponed, bringing a muted end to what could've been a groundbreaking leap in state-level crypto adoption.
Bitcoin Laws, a diligent researcher on all things Bitcoin, took to X (née Twitter) to share their wisdom, musing:
"The legislature adjourned its 2025 session on May 2, without passage of the bills."
Florida's Drop-out: Part of a Lengthening Roster
Florida's transformation into a temporary Bitcoin-free zone makes it one more state on a list of U.S. states where crypto reserve bills have fallen flat on their faces. The crew comprises Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma.
The chorus of rejections persists, despite the continuing drumroll of excitement surrounding federal-level adoptions.
Polymarket data presents a 0% likelihood that Donald Trump will establish a national Bitcoin reserve within his first hundred days, unaltered even by his executive orders hinting at such a move [4]. Conversely, projections for a stateside Bitcoin reserve emerging in 2025 maintain a 59% probability, hinting at renewed enthusiasm on the federal front [4].
Meanwhile, Arizona, once steering the pack, swiftly braked on its path to crypto glory when Governor Katie Hobbs vetoed House Bill 1025 on May 3rd, citing the "untested" nature of digital assets.
"Retirement funds are not the place to experiment with untested assets," she asserted. The bill would have given Arizona permission to convert seized assets into Bitcoin and manage them as a strategic reserve, making it a pioneering force before its abrupt halt [6].
Not All States Mourn the Loss
While many states appear to be stepping back from their crypto reservation dreams, North Carolina dances to a different beat.
In an exciting turn of events, North Carolina's House of Representatives has greenlit the "Digital Assets Investment Act" (HB92) with a 71-44 vote. If enacted, the bill will grant the state treasurer the authority to invest up to 5% of certain funds in approved digital assets. These assets will be subject to stringent custody and compliance requirements.
Should North Carolina press ahead, it could establish itself as a leading light in government-backed crypto investments [6]. While other states spurn similar policies, North Carolina's unique approach signifies that new paths may be emerging in state-level digital asset regulation.
- The proposed Bitcoin [BTC] integration bills in Florida, HB 487 and SB 550, were indefinitely postponed without a formal vote during the legislative session, marking a dead end for the state's ambitious plans in crypto adoption.
- Florida's decision to halt Bitcoin integration makes it one more state in a growing list of U.S. states where crypto reserve bills have been rejected, including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma.
- Arizona, once leading in crypto adoption plans, came to a halt when Governor Katie Hobbs vetoed House Bill 1025, citing the untested nature of digital assets, effectively putting a hold on the state's plans for a Bitcoin reserve.
- In contrast to the opposing states, North Carolina has taken a different approach by greenlighting HB92, also known as the "Digital Assets Investment Act," with a 71-44 vote. This bill allows the state treasurer to invest up to 5% of certain funds in approved digital assets, subject to stringent custody and compliance requirements.
- If enacted, North Carolina could become a leading force in government-backed crypto investments, signifying that innovative paths may be emerging in state-level digital asset regulation.
- Despite the rejections and setbacks, federal-level adoptions continue to push forward, with projections for a stateside Bitcoin reserve in 2025 holding a 59% probability, hinting at renewed enthusiasm on the federal front.
