Florida lawmakers have how to buy trump coinquietly shelved two landmark crypto bills that would have created a first-of-its-kind state Bitcoin reserve
The proposed HB 487 and SB 550 legislation sought to allocate a significant portion of public funds to cryptocurrency holdings
This development leaves Arizona as the only state still actively considering similar crypto reserve legislation
In a surprising turn of events, Florida's legislative session concluded without advancing two highly anticipated cryptocurrency bills. The proposed HB 487 and companion SB 550, which had generated considerable buzz in crypto circles, were officially withdrawn from consideration over the weekend. These bills represented Florida's bold attempt to position itself at the forefront of state-level crypto adoption by establishing a Strategic Bitcoin Reserve.
The Rise and Fall of Florida's Crypto Ambitions
The now-defunct legislation would have authorized Florida's treasury department to allocate up to 10% of certain state funds into Bitcoin holdings. Proponents argued this would have provided the state with a hedge against inflation and positioned Florida as a crypto-friendly jurisdiction. However, the bills quietly disappeared from the legislative calendar without fanfare or explanation.
This outcome continues a growing trend among state legislatures considering similar measures. According to legislative tracking services, multiple states including Wyoming, South Dakota, and Oklahoma have seen comparable proposals stall or fail in recent months. The pattern suggests growing caution among state lawmakers when it comes to committing public funds to volatile digital assets.
Arizona's Crypto Proposal: The Last One Standing?
While Florida's crypto dreams fade, Arizona's parallel proposal remains technically alive - though not without complications. The state's SB 1025, which cleared both legislative chambers in late April, would similarly allow up to 10% of certain state funds to be invested in digital assets. However, Governor Katie Hobbs recently expressed reservations about the measure.
State Senator Wendy Rogers, the bill's primary sponsor, remains optimistic despite the governor's hesitation. In public statements, Rogers has framed the issue as Arizona needing Bitcoin more than Bitcoin needs Arizona, suggesting she'll reintroduce the legislation in future sessions if necessary.
Crypto advocates continue watching Arizona closely, as it represents the last remaining opportunity this legislative cycle for any state to establish a Bitcoin reserve. Industry observers note that such a move could create ripple effects, potentially encouraging other states to reconsider similar measures in future sessions.
The coming weeks will prove decisive for state-level crypto adoption efforts. Should Arizona's proposal ultimately succeed, it would mark a historic first in U.S. financial policy. However, if it meets the same fate as Florida's abandoned bills, the movement toward state Bitcoin reserves may need to regroup and reconsider its strategy.
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