Florida has postponed two bills that would have allowed investment in bitcoin

According to the state legislature's website, on May 3, House Bill 487 and Senate Bill 550 were "indefinitely postponed and withdrawn from consideration."

Florida has postponed two bills that would have allowed investment in bitcoin from certain public funds in the state.

House Bill 487 and Senate Bill 550 were “indefinitely postponed and withdrawn from consideration,” according to the state legislature's website on Wednesday.

HB 487, which was filed in February, sought to authorize the state's chief financial officer to invest certain public funds in bitcoin. SB 550, which was also introduced in February, proposed similar measures.

“The legislature adjourned its 2025 session on May 2, without passage of the bills,” Bitcoin Laws, a bitcoin legislation researcher, said in a post on X.

As of Monday, the two bills have been withdrawn from consideration by the legislature.

With the withdrawal of the two bills, Florida appears to have stepped back from efforts to authorize state-level crypto asset investment legislation. Arizona's SB 1374 and New Hampshire's HB 302 have made the most progress among similar bills nationwide, according to data from Bitcoin Laws.

Last week, Arizona Governor Katie Hobbs vetoed SB 1025, a bill that would have allowed the state's treasurer and retirement systems to invest up to 10% of their funds in crypto such as bitcoin.

The bill, which was passed by the state legislature in March, aimed to provide the state treasurer and the state's defined benefit and defined contribution retirement systems with the authority to allocate a portion of their investments in cryptocurrencies.

However, Hobbs, a Democrat, expressed concerns about the bill's potential to destabilize the state's finances and argued that it prioritized short-term gains over long-term stability.

"This bill is a recipe for financial instability and irresponsibility," Hobbs said in her veto message. "It is clear that the sponsors of this measure were motivated by a desire to make quick gains in the hopes that they can siphon off some of the gains to benefit their campaigns."

Her veto comes as several U.S. states are considering legislation that would permit public entities to invest in cryptocurrencies.

Earlier this year, a bill to allow the state of Wyoming to invest a portion of its treasury in crypto was also vetoed by the state's governor.