Florida takes strategic Bitcoin reserve bills off the table

Florida has officially withdrawn its strategic Bitcoin reserve bills, HB 487 and SB 550, marking the end of its legislative push to allow public investment in Bitcoin.

Both bills were designed to let the state’s Chief Financial Officer and the State Board of Administration allocate up to 10% of select public funds-including the General Revenue Fund and Budget Stabilization Fund-into Bitcoin.

The proposals also included provisions for using Bitcoin in exchange-traded products, and set out strict custody and compliance requirements etc.

Despite early momentum-HB 487 passed its first committee hearing unanimously in April-the bills stalled and were "indefinitely postponed and withdrawn from consideration" as the legislative session ended on May 2 without a floor vote.

This decision places Florida alongside other states like Wyoming, North and South Dakota, Pennsylvania, Montana, and Oklahoma, which have also recently abandoned similar efforts due to concerns over regulatory uncertainty and the volatility of digital assets.

The failure of these bills reflects a broader legislative hesitancy to embrace digital assets for state treasuries, with competing priorities and regulatory concerns taking precedence during the session. Any future attempt to establish a Bitcoin reserve in Florida would require reintroduction in a subsequent legislative session.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)