Florida has decided to abandon legislative initiatives that proposed investing public funds in Bitcoin, marking an end to attempts to incorporate cryptocurrency into the state's financial system.
History of Bitcoin Bills
The Florida Senate announced that both initiatives — House Bill 487 and Senate Bill 550 — were 'indefinitely postponed and withdrawn from consideration'. This decision came just a day after the legislative session concluded, with neither bill advancing to a full vote despite initial support.
Contents of the Bills
House Bill 487, titled 'Investments of Public Funds in Bitcoin', was introduced in February and gained traction at its initial hearing on April 10. It allowed for up to 10% of certain public funds to be invested in Bitcoin. Senate Bill 550 mirrored the objectives of HB 487, proposing similar authorizations for Bitcoin investments.
Comparison with Other States
Florida's efforts to integrate Bitcoin into its financial system reflect a broader trend among U.S. states considering crypto-backed treasuries. For instance, a similar bill in Oklahoma also failed in 2023.
Thus, Florida has halted its plans for Bitcoin reserves, highlighting the broader challenges faced by states in attempting to integrate cryptocurrencies into their financial systems.
