Florida has withdrawn its ambitious plan to incorporate Bitcoin into its state treasury, marking a significant pause in state-led cryptocurrency adoption. Two proposed bills, HB 487 and SB 550, aimed at allocating up to 10% of specific public funds into Bitcoin. However, as the legislative session concluded on May 3, these measures did not reach a floor vote and were indefinitely postponed. Bitcoin Laws, a researcher in this area, highlighted the lack of progression by confirming that these bills did not pass before the legislature adjourned.
This withdrawal places Florida alongside several other states that have abandoned crypto reserve initiatives, including Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma. Despite the rising speculation regarding federal-level Bitcoin adoption, state initiatives have faced significant challenges. Polymarket data suggests a 0% probability that Donald Trump will introduce a national Bitcoin reserve within his first 100 days in office, which remains unchanged even after his executive orders reflecting such intentions. Nevertheless, optimism persists with a forecasted 59% probability that a U.S. Bitcoin reserve could emerge by 2025.
On the other hand, Arizona briefly led the charge for state engagement with Bitcoin before Governor Katie Hobbs vetoed House Bill 1025, citing the untested nature of digital assets. This bill would have allowed the state to convert seized assets into Bitcoin, demonstrating a proactive approach that was ultimately halted. Amid this retreat from cryptocurrency initiatives, North Carolina is stepping forward. Its House of Representatives recently passed the “Digital Assets Investment Act” (HB92), allowing the state treasurer to invest up to 5% of certain funds in evaluated digital assets.
This positions North Carolina as a potential leader in government-backed cryptocurrency investments, showcasing a distinctly different approach compared to other states.