Florida's ambitions to establish a strategic Bitcoin reserve have suffered a setback as two bills aimed at advancing legislation for a crypto reserve were removed from the legislative process. The Florida Senate announced on May 3 that House Bill 487 and Senate Bill 550 had been "indefinitely postponed and withdrawn from consideration." The bills, which would have allowed Florida's chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin, failed to pass as the legislative session adjourned on May 2.

The decision to withdraw the bills came amidst a flurry of legislative activity during the session, with approximately 230 bills being passed on various topics, ranging from water fluoridation to school smartphone bans. However, the establishment of a crypto reserve for the state was not among the priorities addressed.

Florida's exit from the race to pass state-level crypto investment legislation aligns with the experiences of other states such as Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, where similar Bitcoin bills have also failed to advance through House or Senate votes.

In contrast, Arizona made significant progress in its pursuit of strategic Bitcoin reserve legislation with House Bill 1025. However, Governor Katie Hobbs vetoed the bill on May 3, citing digital assets as "untested investments." The veto drew criticism from crypto advocates, including entrepreneur Anthony Pompliano, who questioned the wisdom of politicians making investment decisions on behalf of the state.

Despite the setback, Arizona still has two more opportunities to establish a Bitcoin reserve. One of the bills under consideration, HB 2749, proposes a budget-neutral approach to funding the reserve using profits from the unclaimed property fund. Additionally, SB 1373 would authorize the state treasurer to allocate up to 10% of Arizona state funds into digital assets, although it has yet to undergo a final vote.

The evolving landscape of state-level crypto legislation underscores the growing interest and debate surrounding the integration of cryptocurrencies into government financial strategies. As states grapple with the potential benefits and risks of investing in Bitcoin and other digital assets, the outcome of these legislative efforts will continue to shape the future of crypto adoption at the state level.

Source: https://cointelegraph.com/news/florida-takes-strategic-bitcoin-reserve-bills-off-the-table?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound