Florida has paused its efforts to establish a Strategic Bitcoin Reserve (SBR), withdrawing House Bill 487 and Senate Bill 550 indefinitely, according to the Florida Senate's website. Despite initial bipartisan support for HB 487, both bills stalled early in the legislative process, as confirmed by Bitcoin Laws data.
Samuel Armes, founder of the Florida Blockchain Business Association, suggests the conversation may continue through budget negotiations. This retreat follows Arizona Governor Katie Hobbs' veto of a similar proposal, citing a lack of reliable historical data on Bitcoin's performance.
Florida's decision contributes to a broader slowdown, with at least eight states pausing or abandoning similar initiatives. Nationwide, 19 states are still considering SBR-related legislation, while federal efforts continue with President Trump's executive order to develop a national Bitcoin reserve.
However, BitMEX co-founder Arthur Hayes remains skeptical, citing fiscal concerns and biases against Bitcoin culture.
This article is based on our author's analysis of materials taken from the following resources: Florida Senate's website, Bitcoin Laws, CryptoSlate.