Florida is the latest state to cancel plans for investing public money in Bitcoin.

Florida has become the latest state to cancel plans for investing public money in Bitcoin.

What Happened: 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bills that would have permitted as much as 10% of certain state funds to be collateralized by the cryptocurrency were withdrawn on May 3 when the legislative session concluded.

The bills, House Bill 1509 and Senate Bill 1384, were never brought to a floor vote before being “indefinitely postponed and withdrawn from consideration,” reports said, adding that the bills’ sponsors did not respond to requests for comment.

The effort’s collapse follows 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, one bill passed both the House and Senate before Governor Katie Hobbs went on to veto it last week.

Retirement funds, the governor said in her veto message, are “not the place to test unproven assets.”

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The 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, on the other hand, received minimal to no support, with only one legislator voting for it. Meanwhile, Pennsylvania’s bill never even left committee to receive a vote.

Most State Bitcoin Bills Now Dead Or Stalled

The tide of rejection is a stark reversal from earlier this year, when 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, 2025

Texas and New Hampshire appear to have tangible avenues forward with their Bitcoin reserve bills as the legislative calendars in the states close out. The legislatures in both states are still pushing those bills while others along the way did not survive.

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