Florida has recently decided against using public funds for Bitcoin investments. On May 3, two proposed bills that would have allowed up to 10% of certain state funds to be backed by Bitcoin were withdrawn as the legislative session ended.
Reports indicate that neither bill was put to a vote before being termed “indefinitely postponed and withdrawn,” marking an end to this legislative attempt.
Other States Follow Suit in Rejecting Crypto Reserve Bills
Florida’s decision mirrors similar outcomes in at least seven other states that have also abandoned plans for Bitcoin-related treasury legislation this year. States including Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming have all turned down or scrapped such bills.
Some bills nearly reached a vote; in Arizona, a proposed bill passed through both the House and Senate before being vetoed by Governor Katie Hobbs last week. In her veto statement, she noted that retirement funds should not be used to invest in untested assets.
Mixed Legislative Opinions on Bitcoin Investments
Voting patterns across various states reveal divided viewpoints on government reserves for Bitcoin. In Oklahoma, a bill initially received substantial support in committee but was ultimately defeated 6-5 in the Senate Revenue and Taxation Committee on April 29.
After listening to constituents, Senator Christi Gillespie shifted her support for the measure, yet that did not prove sufficient for its success.
In South Dakota, a proposed bill was rejected by a committee with a vote of 9-3 in February. Similarly, Montana’s House Bill 429 failed on a 59-41 vote, despite advocates claiming it would help diversify investment risks. North Dakota faced a parallel outcome with a 57-32 defeat.
Wyoming’s initiative garnered minimal backing, receiving support from just one legislator, while Pennsylvania’s bill did not progress beyond committee discussions.
Many Bitcoin-Related Bills Now Face Uncertainty
This wave of rejections marks a striking change from earlier this year when over 45 Bitcoin reserve bills had been introduced across more than two dozen states.
Now, according to the Bitcoin reserve tracker Bitcoin Laws, there are only 36 active bills in 19 states.
Utah, once seen as a frontrunner on this matter, has stripped significant elements from its blockchain legislation. The final bill, as passed, no longer includes provisions that would allow the state treasurer to invest in digital currencies.
Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve.
The most likely to pass (HB 2749) was authored by @JeffWeninger, and it offers a budget-neutral method to fund the reserve using profit from the unclaimed property fund. @EleanorTerrett pic.twitter.com/yGlrz2saql
— Dennis Porter (@Dennis_Porter_) May 5, 2025
Texas and New Hampshire Continue Their Bitcoin Initiatives
Other states are adopting different strategies. Arizona, for example, still has a stand-alone bill (SB 1373) awaiting the governor’s approval. This bill focuses on custody rather than direct investment, giving it a chance to become law.
As state legislative sessions come to a close, Texas and New Hampshire remain the only states pursuing Bitcoin reserve bills that show promise of advancement.
Image sourced from Ai-CIO, chart from TradingView
