Florida has officially retreated from the US state growth movement to establish a strategic Bitcoin Reserve (SBR).
According to the Florida Senator’s website, lawmakers have indefinitely postponed and withdrawn two important legislations, House Bill 487 and Senate Bill 550, to enable public investment in Bitcoin.
Despite bipartisan support for HB 487, especially at the committee stage, the bill stagnated early in the legislative process. Data from the Bitcoin Act confirms that neither bill has gone beyond the initial committee hearing.
Meanwhile, Samuel Arms, founder of the Florida Blockchain Business Association, suggested that the conversation was not over. He noted that while the bill appears to be stagnant, there are still ways to reintroduce the language through ongoing budget negotiations.
He said:
“To the outsider, the bill looks dead, but to the insider, we need the moon to keep pushing even more.”
Is the momentum of the Bitcoin spare bill slowing down?
The Florida retreat follows the famous veto of Arizona Gov. Katie Hobbs’ similar proposal.
Hobbs cited the lack of reliable historical data on Bitcoin performance as a reason to reject the country’s most advanced SBR bill at the time.
Florida retreats are now increasing the wider slowdown across the country. So far, at least eight states have suspended or abandoned similar initiatives, including Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota and Wyoming.
Nationally, the number of states actively considering SBR-related laws has dropped to 19, with 36 bills still under discussion. These proposals aim to reshape the way states manage their long-term reserves by including decentralized digital assets such as Bitcoin.
Meanwhile, initiative efforts will continue at the federal level. President Donald Trump has signed an executive order to direct the development of the National Bitcoin Reserve.
However, some industry experts remain skeptical of the plan. Bitmex co-founder Arthur Hayes argued that it is unlikely that the US will expand its holdings due to financial concerns and lingering bias over Bitcoin culture.
(tagstotranslate)Bitcoin
