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ZyCrypto 2025-05-07 10:54:33

Florida Lawmakers Drop Two Strategic Bitcoin Reserve Bills, What’s Going On?

Florida Lawmakers Drop Two Strategic Bitcoin Reserve Bills, What’s Going On?

Florida legislators have halted two bills that seek to establish a state Strategic Bitcoin Reserve. This marks another significant blow to the state’s pursuit of a Bitcoin reserve in the U.S. Other states have also faced roadblocks in their efforts, with analysts projecting a decline in sentiment. Despite recent headwinds, the Federal government’s positive approach remains a rallying point for most digital asset investors. Florida Postpones Bitcoin Bills In a shocking move, the Florida House Bill indefinitely postponed House Bill 487 and Senate Bill 550. If passed, both bills would have established a state Bitcoin Reserve for the state to accumulate the assets. According to the legislature’s website, both bills were postponed and “withdrawn from consideration.” “ State Reserve Race Update: Both Florida’s Bitcoin Reserve Bills have failed. The legislature adjourned its 2025 session on May 2, without passage of the bills. HB 487 and SB 550 have been “indefinitely postponed and withdrawn from consideration,” Bitcoin Laws added on X. House Bill 487 was filed in February 2025 and received positive feedback from the digital asset community. It sought to authorize the Chief Financial Officer to invest part of the state’s funds in Bitcoin. This came on the heels of President Trump’s and a pro-crypto senator’s effort to establish a Bitcoin reserve. On the campaign trail, President Trump pledged to back the crypto industry, making the US the global Bitcoin and Artificial Intelligence capital. Among other things, Trump stated that his administration would halt the sale of Bitcoin, creating a reserve to support innovation in the sector. After his inauguration, Trump issued an executive order to create a reserve and floated pro-crypto policies. Meanwhile, Senator Cynthia Lummis proposed a bill that will enable the Federal Government to acquire 1 million BTC in four years to help repay its rising debt. Crypto Users Lament Multiple Setbacks On crypto spaces, Bitcoin enthusiasts expressed concern over the decision to postpone two pro-Bitcoin bills in Florida. Previously, expectations grew over possible approval, which was billed to strengthen general market confidence. However, recent state bills have faced several hurdles. After Arizona’s legislature passed a pro-Bitcoin reserve bill, Governor Katie Hobbs vetoed the bill, sparking dissatisfaction from the wider community. These headwinds can slow the projected adoption rate mapped out in the coming months. It should be noted that most institutions’ bullish outlook was hinged on a positive approach from most states and the United States government.

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