- Florida withdraws bills for Bitcoin investment, impacting state crypto strategies.
- State exit from Bitcoin reserve plans mirrors national trend.
- Other states, including Arizona, continue pursuing related crypto legislation.
Florida has indefinitely withdrawn two bills related to investing public treasury funds in Bitcoin as of May 3, 2025. The state legislature did not pass them before the session’s conclusion, removing Florida from a trend in crypto legislation seen across several states.
This decision delays potential state-level cryptocurrency investments and reflects ongoing legislative caution concerning digital assets amid regulatory uncertainties.
Florida’s Legislative Roadblock: Bitcoin Bills Halted
Florida legislature decided not to advance House Bill No. 487 and Senate Bill No. 550, originally intended to allow up to 10% of public funds to be invested in Bitcoin. The decision was made shortly after the legislative session ended on May 2, 2025. Sponsors Joe Gruters and Barnaby could not secure votes necessary for approval.
The withdrawal signifies reluctance of legislative bodies to embrace cryptocurrency initiatives amid growing concerns. With Arizona continuing to push similar legislation, the landscape of state-level crypto regulation remains uncertain.
“The withdrawal of these bills reflects a broader hesitance in the legislature to embrace digital assets amid regulatory concerns.” – Cointelegraph
Market reactions varied, but significant concerns remain among state regulators regarding Bitcoin’s volatility. An unnamed source suggested this reflects broader legislative hesitations on integrating digital assets.
Bitcoin Legislation Challenges: State-Level Setbacks Continue
Did you know? Several states, including Montana and South Dakota, have attempted similar legislation but faced similar withdrawal or opposition, showcasing the challenges faced in establishing state-level crypto reserves.
Bitcoin (BTC) currently trades at $94,465.16 with a market cap of formatNumber(1876156062311, 2), commanding a 63.83% market dominance. Recent data from CoinMarketCap reveals a 13.19% price increase over 30 days, despite a 3.53% decline over 90 days.
Insights from Coincu suggest potential cautiousness in other states pursuing Bitcoin legislation might lead to regulatory policy adjustments. Historical precedent could guide regulatory bodies in shaping crypto policy frameworks.
Source: https://coincu.com/335896-florida-withdraws-bitcoin-bills/