Key Points
- Florida joins at least seven U.S. states in rejecting Bitcoin reserve bills in 2025.
- Over 45 bills were introduced this year; only 36 remain active in 19 states.
- Arizona Governor Katie Hobbs vetoed SB 1025, citing crypto as too risky for pension funds.
Momentum behind state-level Bitcoin reserve efforts is fading in 2025. In Florida, two bills (HB 487 and SB 550) proposing to allocate up to 10% of select public funds to Bitcoin were withdrawn before coming up for a vote.
The state joins Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota, and Wyoming, all of which have either rejected or stalled similar legislation this year.
In Arizona, Governor Katie Hobbs vetoed SB 1025, saying retirement funds should not be exposed to “untested investments.” A separate bill focused on crypto custody remains under review.
At the start of the year, more than 45 Bitcoin reserve bills were introduced across various states. As of May, only 36 remain active in 19 states, showing growing hesitation among lawmakers.
This shift highlights a widening gap between public and private sector approaches. While many states are pulling back due to concerns over volatility and fiduciary responsibility, private financial institutions are ramping up their crypto offerings. BlackRock, Morgan Stanley, and Charles Schwab are among the firms expanding access to digital assets.
Texas and New Hampshire remain the key holdouts, continuing to push forward with Bitcoin reserve legislation. As other states step away, the overall push for public crypto reserves appears to be slowing down, despite rising adoption in traditional finance.
