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Florida Withdraws Strategic Bitcoin Reserve Bills From Consideration
The two bills, which were both filed in February, sought to allow investment of public funds in BTC
May 6, 2025, 9:23 a.m.
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What to know:
- Florida has withdrawn two bills related to the creation of a state-level strategic bitcoin reserve.
- House Bill 487 and Senate Bill 550 have been "indefinitely postponed and withdrawn from consideration."
- Florida joins numerous other states, such as Wyoming, Pennsylvania and Oklahoma, which have seen bills related to BTC investments fail to clear the legislative process.
Florida has withdrawn two bills related to the creation of a state-level strategic bitcoin reserve.
House Bill 487 and Senate Bill 550 have been "indefinitely postponed and withdrawn from consideration," according to the state Senate website. The two bills, which were both filed in February, sought to allow investment of public funds in BTC.
STORY CONTINUES BELOW
Florida joins numerous other states, such as Wyoming, Pennsylvania and Oklahoma, which have seen bills related to BTC investments fail to clear the legislative process, according to Bitcoin Laws. There are a string of other states with outstanding bills, most of which remain in the initial committee phase.
The most advanced state-level process to establishing a BTC reserve was in Arizona, where SB 1025 passed a House vote by 31-25 only to be vetoed by Governor Katie Hobbs. The bill proposed permitting the investment of seized funds into BTC.
There remains the related SB 1373, which would allow up to 10% of Arizona state funds to be allocated into digital assets. This bill has yet to reach a final vote.
Read More: Swiss National Bank Rejects Calls to Add Bitcoin Reserves
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PGI Global CEO handed 20-year sentence for $200 million bitcoin, forex Ponzi scheme
Instead of investing in bitcoin and foreign currency trading, as promised, Palafox used new investor funds to pay old ones and siphoned millions for personal use.
知っておくべきこと:
- Ramil Ventura Palafox, founder of Praetorian Group International, ran a Ponzi scheme that misled over 90,000 investors and drained over $62.7 million.
- Instead of investing in bitcoin and forex trading as promised, Palafox used new investor funds to pay old ones and siphoned millions for personal use.
- Palafox spent millions on luxury cars, homes and designer items, while fabricating investment returns on an online portal.
