Introduction
Florida’s once-ambitious attempt to weave Bitcoin into its treasury operations has ended with barely a ripple. The state’s proposed crypto bills—HB 487 and SB 550—were officially pulled just as the legislative session concluded on May 3. These bills aimed to allow Florida to allocate up to 10% of specific public funds into Bitcoin, potentially setting a precedent for broader state adoption.
However, the effort fizzled out without even reaching a floor vote, signaling a significant retreat from what could’ve been a bold step in digital finance. According to Bitcoin Laws, a researcher focused on crypto legislation, the Florida legislature concluded its 2025 session with the proposals left untouched, confirming the state’s quiet exit from the crypto treasury race.
Failed Bills Reflect a National Trend
Florida’s decision mirrors a growing national hesitation. Other states such as Wyoming, South Dakota, Montana, North Dakota, Oklahoma, and Pennsylvania have also shelved similar proposals. Despite the larger public fascination with Bitcoin, these setbacks suggest that the leap from speculation to policy remains a hard sell.
Even with Donald Trump’s executive order indicating support for a national Bitcoin reserve, market sentiment hasn’t moved. According to Polymarket data, there’s still a 0% projected chance that such a reserve will be created in his first 100 days. However, a 59% likelihood remains for it to materialize later in 2025—signaling some long-term hope even as short-term actions stall.
Arizona Almost Took the Lead With Bitcoin—Until It Didn’t
Before Florida’s bills were withdrawn, Arizona appeared ready to pioneer state-level Bitcoin adoption. The state legislature had introduced House Bill 1025, which would’ve allowed Arizona to convert seized property into Bitcoin and hold it as part of a strategic reserve.
But on May 3, Governor Katie Hobbs vetoed the bill. Her reason? Skepticism about experimenting with public resources.
“Retirement funds are not the place to experiment with untested assets”
she said, making it clear that cautious pragmatism still outweighs innovation in many statehouses.
Her veto shut down what many saw as the most comprehensive crypto policy initiative yet attempted at the state level.
North Carolina Charts a Different Path, The Connection With Bitcoin
Amid a wave of caution, one state is defying the trend. North Carolina’s House of Representatives recently passed the “Digital Assets Investment Act” (HB92) by a 71–44 vote, signaling a more calculated embrace of digital assets.
This bill doesn’t go as far as a Bitcoin reserve, but it does grant the state treasurer permission to allocate up to 5% of specific funds into regulated digital assets. To qualify, these assets must meet tight custody standards and regulatory benchmarks, making the move less speculative and more grounded in compliance.
If enacted, North Carolina could position itself as a blueprint for how state governments cautiously enter the crypto space without diving in headfirst.
Looking Ahead: What’s Next For Bitcoin?
Florida’s retreat may be emblematic of the current political climate surrounding crypto. While some states are hesitant to allocate public funds into volatile digital assets, others, like North Carolina, are finding middle ground through tighter regulations and lower investment caps.
With public interest in Bitcoin still strong and federal-level policies potentially evolving, it remains to be seen whether more states will revisit their crypto strategies. For now, the state-led Bitcoin reserve movement is fragmented—but far from finished.
