Florida has stepped back from a proposal to allow state-managed public funds to invest in Bitcoin BTC/USD, after House Bill 487 (HB 487) was withdrawn from legislative consideration alongside its companion Senate Bill 550.
What Happened: The withdrawal was formally recorded on May 3, a day after the Florida Legislature adjourned its 2025 session, according to public records, The Block reported.
As a result, both bills were indefinitely postponed and withdrawn from consideration, with no vote taking place in either chamber.
House Bill 487, introduced in February 2025, sought to expand the investment authority of the Florida Chief Financial Officer (CFO) by permitting the use of state-managed investment pools for purchasing Bitcoin.
Specifically, the bill would have amended existing statutes to include Bitcoin as a permissible investment instrument for certain surplus public funds, a move that would have placed Florida among a handful of U.S. states exploring formal crypto exposure in treasury operations.
The bill did not authorize broad crypto investments across all government funds but rather aimed to allow limited exposure under defined risk management practices.
The language in HB 487 aligned with a growing number of state-level efforts to accommodate digital assets within public-sector investment frameworks, a trend fueled by Bitcoin’s increasing adoption as an alternative store of value.
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Why It Matters: Florida’s decision to pull HB 487 follows a similar development in Arizona, where Governor Katie Hobbs recently vetoed SB 1025, a bill that would have allowed up to 10% of certain state funds to be allocated to digital assets like Bitcoin.
These setbacks come despite growing interest from lawmakers in using Bitcoin as a hedge or diversification tool within public investment strategies.
According to Bitcoin Laws, a group that tracks state-level digital asset policy, New Hampshire’s HB 302 and Arizona’s SB 1374 now represent the most active crypto investment legislation in the U.S.
The withdrawal of HB 487 effectively halts Florida’s current push for a statutory framework around crypto investment by the state, though the topic is likely to resurface as other states advance similar efforts.
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