Florida Shelves Bitcoin Investment Bills Amid Broader State-Level Setbacks

Key Takeaways

• HB 487 would have authorized the state’s chief financial officer and the State Board of Administration to allocate up to 10% of certain state funds into Bitcoin. 
•  “To someone on the outside, it might look like they’re dead, but from within, there’s still time to push,” Samuel Armes, founder of the Florida Blockchain Business Association

Two bills aimed at permitting public funds in Florida to invest in Bitcoin have been indefinitely shelved, following the adjournment of the state’s 2025 legislative session on May 2. House Bill 487 and Senate Bill 550, both introduced in February, were officially withdrawn from consideration a day later, according to legislative records.

HB 487 would have authorized the state’s chief financial officer and the State Board of Administration to allocate up to 10% of certain state funds into Bitcoin. SB 550 proposed a similar path. Despite early bipartisan interest—especially in committee discussions—the bills failed to progress beyond the initial stages.

The decision to halt the measures came as lawmakers focused on closing the session, having passed more than 200 bills covering a range of issues, including water treatment regulations, smartphone use in schools, and state park protections. However, legislation around digital assets did not make the final cut.

This marks a step back for Florida’s previously visible interest in positioning itself as a crypto-forward state. The withdrawal also coincides with the Florida legislature’s move to extend the session until June 6 to finalize budget-related matters. Some industry observers say that window could still be used to revisit the crypto investment proposals through other legislative vehicles.

Samuel Armes, founder of the Florida Blockchain Business Association, hinted that the bills may not be entirely out of play. “To someone on the outside, it might look like they’re dead, but from within, there’s still time to push,” he said, referring to the ongoing budget negotiations.

Florida’s hesitation reflects a broader national slowdown on similar initiatives. At least eight states—including Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota, and Wyoming—have recently postponed or walked back legislation that would have allowed crypto investments from public treasuries.

This latest development comes amid Arizona Governor Katie Hobbs vetoeing SB 1025, a bill that would have permitted up to 10% of state treasury and pension funds to be allocated to cryptocurrencies. In her veto message, Hobbs pointed to the lack of long-term performance data on Bitcoin and other digital assets as a key concern.