Bitcoin Shutout: Florida Pulls Plug On Reserve Crypto Bills
By: bitcoinist|2025/05/07 14:15:01
0
Share
Florida is the latest state to cancel plans for investing public money in Bitcoin. Two bills that would have permitted as much as 10% of certain state funds to be collateralized by the cryptocurrency were withdrawn on May 3 when the legislative session concluded.Neither bill was brought to a floor vote before being “indefinitely postponed and withdrawn from consideration,” reports said.States Reject Crypto Reserve Legislation In Rapid SuccessionThe Florida effort’s collapse comes on the heels of similar failures in at least seven other states this year. Arizona, Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming all rejected or ditched Bitcoin treasury bills in recent months.A few bills made it closer to the vote than anyone anticipated. In Arizona, a bill passed both the House and Senate before Governor Katie Hobbs vetoed it last week. Retirement funds, the governor said in her veto message, are “not the place to test unproven assets.”Legislative Committee Votes Show Divided Opinion On Crypto InvestmentThe voting records in states show conflicting opinions regarding government Bitcoin reserves. Oklahoma’s legislation moved through one committee with wide support but was defeated 6-5 in the Senate Revenue and Taxation Committee on April 29.Senator Christi Gillespie changed to supporting the legislation after hearing from constituents, but this was not enough to rescue it.South Dakota legislators voted down their bill in a 9-3 committee vote last February. Montana’s House Bill 429 died on a full floor vote of 59-41 despite proponents presenting it as an easy means of diversifying investment risk. North Dakota’s bill suffered the same fate with a 57-32 rejection.Wyoming’s push received near zero support, with only one legislator voting for it. Pennsylvania’s bill never even left committee to receive a vote.Most State Bitcoin Bills Now Dead Or StalledThe tide of rejection is a stark reversal from earlier this year. Just weeks ago, over 45 Bitcoin reserve bills had been filed in more than two dozen states.According to data from Bitcoin reserve tracker Bitcoin Laws, that now stands at 36 active bills in 19 states.Utah, which had been viewed by many as a leader in the movement early on, ultimately removed crucial provisions from its blockchain bill. The final version that passed eliminates the provision permitting the state treasurer to invest in digital assets.Arizona has two more chances to be the first in the nation to establish a Bitcoin Reserve.The most likely to pass (HB 2749) was authored by @JeffWeninger, and it offers a budget neutral method to fund the reserve using profit from the unclaimed property fund. @EleanorTerrett pic.twitter.com/yGlrz2saql— Dennis Porter (@Dennis_Porter_) May 5, 2025Texas And New Hampshire Lead Remaining Bitcoin EffortsOthers have tried a different tack. Arizona has a stand-alone bill (SB 1373) still pending the governor’s signature. This bill, unlike the vetoed one, targets custody, not direct investment, and could still become law.As legislative calendars in the states close out, only Texas and New Hampshire appear to have tangible avenues forward with their Bitcoin reserve bills.The legislatures in both states still push those bills while others along the way did not survive.Featured image from Ai-CIO, chart from TradingView
You may also like

Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.

On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.

WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.

One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.

That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.

Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?

Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"
「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.

Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments
Stablecoins are transitioning from a speculative tool to real financial scenarios such as payments, cross-border transfers, and store of value.

From 5 Mao per kWh of Chinese electricity to a $45 API export: Tokens are rewriting currency units
When the same unit can both measure hashing power and facilitate payments, it ceases to be just a term and begins to evolve into a new currency of both value and influence.

Why is OpenAI playing catch-up to Claude Code instead?
Anthropic Bets Earlier on AI Programming, OpenAI Strategic Tempo Misaligned

Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to sacrifice their identity to use an AI tool.

The doubling of Circle's stock price and the paradigm shift of stablecoins
The initial investments from Circle and Stripe, whether it is the R&D expenses for Arc, the high financing costs associated with Tempo, or the billion-dollar acquisitions of Bridge-type assets, are more akin to "placement fees" rather than commercially recoverable investments in the short term.

Key Market Information Discrepancy on March 13th - A Must-See! | Alpha Morning Report
1. Top News: Latest Developments in US-Iran Conflict, Son of Soleimani Vows Revenge, US Navy Plans to Escort Ships in the Strait of Hormuz
2. Token Unlock: $HTM

On-Chain Options Explosion.ActionEvent
Options are becoming the new anchor in the cryptocurrency market.

《Time》 Magazine Names Anthropic as the World's Most Disruptive Company
The most AI-wary company has created the most dangerous AI

Predictions market gains mainstream traction in the US, Canada, Claude launches Chart Interaction feature, What's the English community talking about today?
What Did Foreigners Care About Most in the Last 24 Hours?

500 Million Dollars, 12 Seconds to Zero: How an Aave Transaction Fed Ethereum's "Dark Forest" Food Chain
Spend $154,000 to buy AAVE at market price of only $111

AI Agent needs Crypto, not Crypto needs AI
It is not Crypto that needs AI to survive, but rather AI Agents that need Crypto to be implemented: when AI truly shifts from "thinking" to "executing," it must seek the boundaries of authority and funding within the programmable primitives of Crypto.
Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.
On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.
WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.
One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.
That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.
Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?