Soon after taking office, President Donald Trump floated plans for a strategic bitcoin reserve.

It was part of a larger push by the president, backed by the digital asset sector, to turn the U.S. into the world’s cryptocurrency capital.

Plans for U.S. states to create strategic bitcoin reserves are quickly floundering, with a pair of bills in Florida the latest to be tabled.

As reported Tuesday (May 9) by Decrypt, two bills designed to allocate up to 10% of select public funds to bitcoin were withdrawn in the Sunshine State.

One bill, in the Florida House of Representatives, would have allowed the state to allocate up to 10% of its reserves, or $3.5 billion, to cryptocurrencies. Another bill in the state Senate would have permitted the state to invest up to 10% of its idle treasury funds, which total around $18 billion, in crypto. Both bills were put forth earlier this year and passed in their respective chambers. However, neither bill was brought up for a vote in the opposite chamber before the bills were tabled.

A spokesperson for the Florida House of Representatives told Decrypt that the bills were not brought up for a vote because members of both chambers did not reach an agreement on the language of the bills.

"House Bill 769, which would have created a cryptocurrency investment program within the state treasury, was not called for a vote in the Senate Appropriations Committee,” the spokesperson said. “The bill would have permitted the state to invest up to 10% of its idle treasury funds, which total around $18 billion, in cryptocurrencies. The bill passed the House 77-36 in April.”

The spokesperson added that a bill permitting state universities to offer courses in blockchain and cryptocurrency was passed by both chambers and sent to Gov. Ron DeSantis.

Florida joins Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota and Wyoming on the list of states that have rejected crypto treasury legislation this year. In some states legislation made it past both chambers before the state’s governor vetoed the bills.

That’s what happened last week when Gov. Katie Hobbs rejected legislation that would have seen a portion of the state’s retirement fund invested in bitcoin.

“Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу,” Hobbs wrote in a letter to the state senate president. “The bill would have allowed Arizona to become an early adopter of an experiment in tying a portion of the public employees’ retirement fund to the price of bitcoin.”

According to Decrypt, as of early May there were 36 active bitcoin reserve bills in 19 states. Just two weeks ago, there were more than 45 such pieces of legislation in more than two dozen states.

Earlier this year, a bill that would have seen the state create a bitcoin treasury reserve was rejected by the state’s governor after both chambers of the state legislature passed the bill.

A bill that would have seen the state create a bitcoin treasury reserve was passed by both chambers of the state legislature earlier this year. However, the bill was later rejected by the state’s governor.

This legislative back-and-forth comes amid a growing mainstream adoption of cryptocurrencies, as PYMNTS wrote recently.

“Observers believe it is becoming increasingly held, across Wall Street and beyond, that digital assets may no longer be confined to speculative circles,” that report said. “As bitcoin ETFs become a growing component of diversified portfolios and regulatory frameworks begin to crystallize, the decentralization dream that once defined crypto appears to be giving way to a new era of structured integration.”

And while it’s no longer a novelty to see major investment firms delving into crypto, this year has marked a turning point. Morgan Stanley is preparing to offer cryptocurrency trading to its massive E*Trade user base as soon as 2026, a move that could bring digital asset investments to millions of customers.

At the same time, Charles Schwab is preparing to offer spot crypto trading for bitcoin and ethereum sometime this year to address increasing demand from traditional investors.

“These moves are not isolated,” the report added. “BlackRock, the world’s largest asset manager, is pushing blockchain technology deeper into conventional finance. The firm recently announced plans to register a new share class of its $150 billion money market fund on a blockchain, a step designed to enhance transparency and operational efficiency.”