Florida follows other states in rejecting Bitcoin reserve bill

Florida’s attempt to invest state funds in Bitcoin has failed. Bills HB 487 and SB 550, which would have allowed up to 10% of government reserves to be allocated to the cryptocurrency, were withdrawn without a vote after the legislative session ended in early May. This puts Florida in line with other states that have backed away from creating Bitcoin reserves.

Similar initiatives were previously rejected in Arizona, Oklahoma, South Dakota, North Dakota, Montana, Pennsylvania, and Wyoming. In Arizona, such a bill passed both legislative chambers but was vetoed by Governor Katie Hobbs over concerns about risks to pension funds. After that, Senator Wendy Rogers vowed to reintroduce the proposal, arguing that Bitcoin is critical for Arizona’s future.

In some cases, like in Montana and South Dakota, proposed bills to establish Bitcoin reserves have been rejected due to its high volatility. Attempts to use digital currencies as strategic assets continue to face political and financial skepticism. Despite growing pressure from US President Donald Trump and his Republican allies, these moves have so far failed to gain meaningful ground, as reported by Decrypt.