Florida’s Bitcoin Reserve Bills Withdrawn Amid Legislative Setbacks

Florida has withdrawn Bitcoin reserve bills as legislative support wanes in multiple states. Seven states, including Arizona and Pennsylvania, have rejected crypto treasury legislation this year. Texas and New Hampshire continue to pursue Bitcoin reserve proposals, but time is running out in the legislative calendars.

Florida’s legislative efforts to establish a Bitcoin-backed treasury have officially crumbled, as bills HB 487 and SB 550 were withdrawn on May 3. The proposals aimed to allocate up to 10% of specific public funds to Bitcoin but were indefinitely postponed by the end of the state’s legislative session. This failure means Florida joins numerous other states, at least seven, who have recently abandoned similar initiatives amidst increasing scrutiny.