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Wednesday, May 7, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.
Florida joins long list of states to kill Bitcoin bills
Florida joins long list of states to kill Bitcoin bills
Image via Grok.

Bitcoin

Florida joins long list of states to kill Bitcoin bills

Many states have abandoned the effort after bills had cleared early committees

The Florida legislature’s first attempt to reinforce its treasury has failed.

On Saturday, the Florida state’s legislature pulled two bills that would allocate upto 10 per cent of public funds to Bitcoin were yanked as the legislated session ended.

The state indefinitely postponed and withdrew both bills, ending its crypto reserve effort without a floor vote. This failure puts Florida among several states that recently rejected or dropped strategic Bitcoin reserve proposals.

These moves come despite growing national interest following President Donald Trump’s pledge to support Bitcoin reserves. Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming also rejected similar legislation this year.

Many of these states abandoned the effort after bills had cleared early committees. In some cases legislation had actually cleared both chambers and died with a veto from the state’s governor.

Governor Katie Hobbs vetoed Arizona’s SB 1025 last week, calling it an inappropriate risk for pension systems.

“Retirement funds are not the place to experiment with untested assets,” she wrote at the time.

Furthermore, Senator Wendy Rogers, the bill’s co-sponsor condemned the decision and has already indicated she will bring the bill back next session.

“If she vetoes it again, I am sure Governor Andy Biggs will be happy to take credit for signing the bill for this already proven (16 years!) innovation that will protect our wealth,” tweeted Rogers on Saturday.

Arizona, which led the legislative pack, has already sent a separate bill, SB 1373, to Governor Hobbs’ desk. Unlike SB 1025, this bill focuses on custody rather than investment, and she may still sign it into law.

Read more: TeraWulf soars 17% on expansion into AI and high performance computing

Read more: Trump administration ends regulatory argument: Bitcoin is a commodity

Bitcoin acceptance experiencing a distinct retraction

In Oklahoma, a strategic reserve bill passed one committee by a wide margin. However, the Senate Revenue and Taxation Committee struck it down in a 6–5 vote on April 29. Senator Christi Gillespie flipped to a “yes” vote after hearing from constituents, but the bill still failed.

Similarly, South Dakota rejected HB 1202 in February with a 9–3 vote. Lawmakers cited concerns about Bitcoin’s volatility. Meanwhile, Montana defeated House Bill 429 in a 59–41 floor vote just days earlier.

Supporters had framed it as a diversification strategy, but it failed to win enough backing. North Dakota’s HB 1184 also fell short in February, losing 57–32. In contrast, Pennsylvania’s bill faced no drama. Lawmakers introduced it in late 2024, but it never advanced.

Utah, once seen as a frontrunner, amended its blockchain bill to remove a key digital asset provision. Lawmakers stripped out the section that would have let the state treasurer invest in crypto. They passed the final version without it.

That marked a sharp shift from just weeks ago.

At the time, lawmakers had introduced over 45 Bitcoin reserve bills in more than two dozen states. As of early May, only 36 proposals remain active across 19 states, according to BitcoinLaws.

Texas and New Hampshire still lead the field. Both states have advanced their Bitcoin reserve proposals through the legislature.

With legislative calendars closing, many remaining bills are racing the clock. Others, like Rogers’, are already preparing for a second round.

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