Legislation allowing public fund investment in Bitcoin has been shelved, following a pattern seen in several U.S. states.

Florida has officially withdrawn two legislative proposals that aimed to establish a state-backed Bitcoin (BTC) reserve. House Bill 487 and Senate Bill 550, both introduced in February, have been indefinitely postponed and pulled from the legislative calendar, as noted on the state Senate website. The bills sought to grant permission for the investment of public funds in BTC, a move that would have marked a significant step toward digital asset adoption at the state level.

A Growing Trend of Withdrawals

Florida’s decision reflects a broader trend across the United States, where similar efforts to integrate Bitcoin into public finance have stalled. States such as Wyoming, Pennsylvania, and Oklahoma have all introduced comparable bills, only to see them fail to progress through the legislative process. According to Bitcoin Laws, most other bills currently sit idle in committee stages, with little sign of momentum.

These developments indicate that while interest in Bitcoin at the governmental level remains, political and regulatory hurdles continue to slow progress.

Arizona’s Push Stopped at the Finish Line

Among U.S. states, Arizona had come the closest to implementing a Bitcoin reserve. Senate Bill 1025, which proposed investing seized state funds in BTC, successfully passed the House with a narrow 31-25 vote. However, it was ultimately vetoed by Governor Katie Hobbs, who raised concerns over financial risk and oversight.

A related bill, SB 1373, is still in play. It would allow up to 10% of Arizona’s state funds to be allocated to digital assets. The bill has yet to receive a final vote, leaving its fate uncertain amid divided political opinion.

Mixed Signals in State-Level Crypto Policy

The repeated shelving and rejection of these bills highlights the cautious approach that many state governments are taking toward cryptocurrency. While Bitcoin advocates argue for the long-term value and inflation hedge potential of digital assets, opponents raise concerns over volatility, regulatory gaps, and the use of taxpayer funds in speculative markets.

The lack of clear federal guidelines further complicates matters, leaving states to navigate uncharted territory on their own. For now, most prefer to wait rather than dive into crypto-backed public investments.