Florida Shelves Bitcoin Reserve Plans as National Policy Hangs in Limbo

Florida has quietly withdrawn two proposed bills that would have allowed the state to hold Bitcoin as part of its public fund strategy, stalling momentum on what was once seen as a bold move toward crypto adoption at the state level.

House Bill 487 and Senate Bill 550, introduced earlier this year, aimed to let Florida’s financial authorities allocate a portion of government-managed assets into Bitcoin—up to 10% in certain cases. Despite early interest, both proposals have now been shelved indefinitely, with no clear timeline for reconsideration. The decision effectively pauses any attempt to build a state-run Bitcoin reserve.

Florida’s retreat follows a broader trend across the U.S., where multiple states have either postponed or rejected similar legislation. Efforts in places like Pennsylvania, Montana, Oklahoma, and the Dakotas have stalled, and even in Arizona—where support had been building—Governor Katie Hobbs vetoed a key bill on May 3, calling crypto assets “untested” and unsuitable for public fund exposure.

The only notable exception so far is the city of Roswell, which recently became the first in the country to create a local Bitcoin reserve.

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Meanwhile, the entire nation is awaiting clarity from the federal level. U.S. Treasury Secretary Scott Bessent was expected to deliver a report on a nationwide Bitcoin reserve strategy following an executive order issued by President Trump in March 2025. Though the May 5 deadline has passed, no public update has been provided. The report is expected to detail how such reserves could be managed, what legal adjustments might be necessary, and whether Bitcoin is suitable for inclusion in national accounts.

With Bitcoin currently trading near $94,000, any green light from the Treasury could have major market implications—possibly even pushing the asset toward new record highs.

Alexander Stefanov