Florida is the last state to cancel the investment plans for public money in Bitcoin. Two bills that would have made up to 10% of certain state funds were guaranteed by the cryptocurrency were withdrawn on May 3 at the end of the legislative session.
None of the two bills were brought to a ground vote before being “reported indefinitely and withdrawn from consideration,” said information.
States reject legislation on the crypto reserve in rapid succession
The collapse of Florida’s effort comes from similar failures in at least seven other states this year. Arizona, Oklahoma, southern Dakota, Montana, Northern Dakota, Pennsylvania and Wyoming have all rejected or abandoned Bitcoin cash bills in recent months.
Some bills got closer to the vote that anyone provided. In Arizona, a bill adopted both the Chamber and the Senate before Governor Katie Hobbs took his opinion last week. Retirement funds, said the governor in his veto message, are “not the place to test unproven assets”.
The votes of the legislative committee show a divided opinion on the investment in cryptography
The voting files in the States show contradictory opinions concerning the reserves of the Bitcoin government. Oklahoma’s legislation has gone through a committee with broad support, but was beaten 6-5 in the Senate Committee for income and tax on April 29.
Senator Christi Gillespie changed to support legislation after hearing voters, but that was not enough to save him.
BTCUSD trading at $94,961 on the 24-hour chart: TradingView.com
The legislators of the southern Dakota voted their bill during a vote of Committee 9-3 last February. The Bill of Chamber 429 of Montana died during a complete vote of 59-41 despite the supporters presenting it as an easy way to diversify the risk of investment. The Northern Dakota bill suffered the same fate with a rejection of 57-32.
The Wyoming push received near zero support, with a single legislator voting for this. Pennsylvania’s bill never even left the committee to receive a vote.
Most state bitcoin invoices are now dead or blocked
The wave of rejection is a reversal hit earlier this year. Barely a few weeks ago, more than 45 Bitcoin reserve invoices had been deposited in more than two dozen states.
According to Bitcoin Data Reserve Tracker Bitcoin Laws, which now amounts to 36 active invoices in 19 states.
State Bitcoin reserve bill race. Source: Bitcoin Laws
Utah, which had been considered by many as a leader of the movement from the start, finally suppressed the crucial provisions of its blockchain bill. The final version adopted eliminates the provision allowing the treasurer of the State to invest in digital assets.
Arizona has two other chances of being the first in the country to establish a Bitcoin reserve.
The most likely to pass (HB 2749) was written by @JeffweningerAnd it offers a neutral budgetary method to finance the reserve using the profit of the unin demanded real estate fund. @Eleanortrettt pic.twitter.com/yglrz2saql
– Dennis Porter (@dennis_Porte_) May 5, 2025
Texas and New Hampshire are leading Bitcoin efforts remaining
Others have tried a different approach. Arizona has an autonomous bill (SB 1373) pending the signature of the governor. This bill, unlike the veto, targets the custody, and not direct investment, and could still become law.
While the United States’s legislative calendars end, only Texas and New Hampshire seem to have tangible avenues with their Bitcoin reserve invoices.
The legislatures of the two states still push these bills while others along the way have not survived.
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