Florida, one of the states that had garnered the most attention regarding the creation of a Bitcoin treasury, will have to wait. HB 487 and SB 550, which authorized public investments in Bitcoin and defined criteria for its safekeeping, were postponed indefinitely after reaching just 25% of the legislative process.
The state in question stood out as the most ambitious in the race to establish this strategic reserve, thanks to a cryptocurrency-friendly environment that was driven by key figures such as former Miami Mayor Francis Suarez, who positioned the city as an epicenter for digital assets and was the first American politician to receive his salary entirely in bitcoin.
For his part, Governor Ron DeSantis, a former presidential candidate, had also expressed himself as a staunch supporter of Bitcoin. However, the recent scandal linking him to the Hope Florida Foundation, accused of embezzlement has tarnished the momentum of several Republican initiatives , generating tensions even within the Party itself.
This situation in Florida bears some parallels to what happened in Arizona, where SB 1025 made it through all legislative stages but was ultimately vetoed by Governor Katie Hobbs. Thus, HB 487 and SB 550, introduced in February 2025 in the Florida House of Representatives and Senate respectively, sought to enable the state to allocate up to 10% of certain public funds to the acquisition of BTC, with the goal of protecting against inflation and diversifying reserves. Both initiatives contemplated the use of secure custody mechanisms, the possibility of generating additional income through lending of the funds, and the acceptance of state payments in Bitcoin. Strictly speaking, the two proposals were almost identical.
House Bill 487 and Senate Bill 550, introduced in February 2025 by Representative Webster Barnaby and Senator Joe Gruters (both Republicans), were indefinitely postponed without a vote the day after the legislative session concluded on May 2. Although both initiatives failed to advance, House Bill 487 had gained some momentum, earning approval in its first hearing before the House Banking and Insurance Subcommittee.
The legislature did not publicly disclose the reasons behind the shelving of the bills, but the context suggests several factors. First, so far in 2025, Florida has passed multiple bills, prioritizing more traditional issues such as the budget, education, the environment, and social policies. This suggests that diversifying the state’s portfolio with cryptocurrencies was not necessarily a pressing issue, so the lack of political consensus was the order of the day. Furthermore, concerns raised by figures like Arizona Governor Katie Hobbs likely had an impact on lawmakers' stance.
Similarly, the failure of similar initiatives in states like Wyoming, North Dakota, Pennsylvania, Montana, and Oklahoma reflects a cautious attitude and potential conflicts of interest among politicians regarding Bitcoin. In Florida's case, this context may have discouraged lawmakers from pushing a proposal that required complex debate and difficult-to-achieve consensus in an already crowded legislative session.
HB 487 and SB 550 were shelved, with no possibility of moving forward in the short term. In Florida, this designation means they will not be reconsidered for the remainder of the legislative cycle, although it does not rule out future attempts. Their sponsors, Webster Barnaby and Joe Gruters, could reintroduce similar proposals in 2026, either as new bills or by including them in budget negotiations.
Far from being interpreted as an invitation to throw in the towel, the Florida case should remind us that progress in favor of Bitcoin also requires strong popular pressure. On this occasion, these efforts failed to translate into the necessary momentum to counteract political inertia or the concerns of opponents. Therefore, it's worth paying attention to the efforts many Bitcoiners are making to overturn the ban in Arizona, thus paving the way for a new attempt.
