Florida has become the newest state that drops plans for a strategic Bitcoin reserve, which may show two important accounts that would investigate public funds in Bitcoin.
According to the Senate of FloridaBoth of the Bitcoin Reserve accounts from Florida, House Bill 487 and Senate Bill 550, were postponed on 3 May for an indefinite period of time and made of consideration “.
The legislative session of the State ended on 2 May without a vote on both bills, so that the proposal was effectively killed despite the early momentum.
HB 487, entitled ‘Investments of Public Funds in Bitcoin’, was introduced in February and heard his first hearing of the Commission unanimously on 10 April.
The bill would have allowed the financial director of the State and the State Board of Administration to assign a maximum of 10% of the important public funds, including the General Revenue Fund and Budget Stabilization Fund, to Bitcoin.
It also included provisions for borrowing BTC and the use of these in barter, while sketching strict custody and compliance requirements.
SB 550, an accompanying bill submitted the same month, reflected the goals of HB 487 and tried to authorize similar investments from the Staatsfonds of Florida.
With none of the factors that progress for the committee’s phases before the session, the attempt by Florida to participate in the growing list of states that explore treasuries supported by Bitcoin are now stuck.
Florida joins a growing group of states that have seen their efforts for Bitcoin Reserve out. Wyoming, South Dakota, North Dakota, Pennsylvania, Montana and Oklahoma have not all had similar bills in recent months to accept the voices of the house or the senate voices.
For example, the HB 1203 of Oklahoma has achieved several legislative obstacles, but was barely voted in the committee after being confronted with Bipartisan Pushback.
Despite the growing interest in Bitcoin, the retreat by these states comes as a cover against inflation and a diversification instrument for state principles. Various legislators had tried the idea as a daring step to modernize public finances and to reduce dependence on Fiat currencies.
Arizona currently leads the race, but not without setbacks. On April 28, the legislative power adopted SB 1025 and SB 1373 to set up a strategic Bitcoin reserve. Still, Governor Katie Hobbs veto SB 1025 days later, calling digital assets “not -tested investments” and mentions budget problems.
Despite the Veto, Arizona still has two other active accounts, HB 2749 and SB 1373. HB 2749 proposes a budget-neutral reserve that is financed by unpublished immovable profits, while SB 1373 could be invested in Digital Activa.
