From 2025 Failure to HB 183

Published: December 8, 2025 | Reviewed by: Zoran Spirkovski

Author disclosure: Zoran Spirkovski holds Bitcoin or other cryptocurrencies mentioned in this article.

Florida was poised to become a leader in state-level Bitcoin adoption. In early 2025, the Sunshine State advanced two companion bills that would have authorized up to 10% of certain public funds to be invested in Bitcoin, a major move that captured national attention. Then, on May 3, 2025, both bills were abruptly withdrawn from consideration, leaving advocates stunned and critics vindicated.

But the story didn’t end there. Just five months later, Representative Webster Barnaby filed HB 183, reviving Florida’s pursuit of a bitcoin reserve with enhanced provisions and expanded scope. This second attempt arrives in a transformed landscape: New Hampshire, Arizona, and Texas have all successfully enacted their own Bitcoin reserve legislation, with Texas making its first $5 million purchase in November 2025.

The question facing Florida now isn’t whether state Bitcoin reserves are viable (three states have proven they are). The question is whether Florida can learn from its failure and finally join them.

What Were Florida’s Original Bitcoin Reserve Bills?

Florida’s first attempt at a state bitcoin reserve came through SB 550, filed by Senator Joe Gruters in December 2024. The Senate bill proposed authorizing the state’s Chief Financial Officer and State Board of Administration to invest up to 10% of certain public funds in Bitcoin. A companion bill, HB 487, was filed in the House by Representative Webster Barnaby.

The bills shared identical core provisions: a 10% allocation cap on eligible funds, authorization for Bitcoin held directly or through exchange-traded products (like Bitcoin ETFs), and strict custody and compliance requirements (rules for securely storing and managing the Bitcoin) designed to address security concerns. The legislation would have made Florida one of the first states to formally integrate Bitcoin into its treasury management strategy.

Initially, momentum appeared strong. On April 10, 2025, HB 487 passed its first committee hearing with unanimous support, a promising sign of bipartisan interest. Yet within weeks, that support would evaporate.

Timeline: From Introduction to Withdrawal to Second Attempt

The arc of Florida’s Bitcoin reserve effort spans more than a year, marked by initial optimism, sudden failure, and renewed ambition:

Why Florida Failed While Other States Succeeded

Florida’s withdrawal came just days before New Hampshire made history. Understanding why Florida failed requires examining what the successful states did differently.

New Hampshire’s Success (HB 302)

On May 6, 2025, Governor Kelly Ayotte signed HB 302, making New Hampshire the first state in the nation to authorize Bitcoin investments from state funds.

The law permits the state treasurer to invest up to 5% of state funds in digital assets with market capitalizations exceeding $500 billion, a threshold that currently limits eligible assets to Bitcoin. Representative Keith Ammon, the bill’s primary sponsor, worked closely with the Satoshi Action Fund to craft legislation that addressed custody concerns while remaining flexible enough to gain bipartisan support.

Dennis Porter, CEO of the Satoshi Action Fund, noted: “Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap.”

Arizona’s Path (HB 2749)

While Governor Katie Hobbs vetoed more aggressive Bitcoin reserve proposals (citing Bitcoin’s historical volatility and calling digital assets “untested investments” that posed risks to retirement funds) she signed HB 2749 on May 7, 2025.

Arizona’s approach was distinctly pragmatic.While Governor Katie Hobbs vetoed more aggressive Bitcoin reserve proposals (citing Bitcoin’s historical volatility and calling digital assets “untested investments” that posed risks to retirement funds) she signed HB 2749 on May 7, 2025. The bill, sponsored by Representative Jeff Weninger, takes a budget-neutral approach: rather than investing taxpayer funds directly, it allows the state to retain Bitcoin acquired through unclaimed property and any subsequent staking rewards or airdrops (bonuses earned from holding crypto).

This compromise (avoiding direct taxpayer exposure while still establishing a Bitcoin reserve mechanism) proved politically viable where more ambitious proposals failed.

Texas’s Approach (SB 21)

Texas took the boldest approach. Governor Greg Abbott signed SB 21 on June 20, 2025, establishing the Texas Strategic Bitcoin Reserve under the Comptroller of Public Accounts. Like New Hampshire, Texas requires a $500 billion market cap threshold measured over a 24-month average. Unlike New Hampshire’s 5% cap, Texas places no statutory limit on potential holdings.

Most significantly, Texas moved from legislation to action: on Nov. 20, 2025, the state made its first Bitcoin purchase ($5 million at $91,336 per BTC) becoming the first state to actually buy Bitcoin for its reserve. Senator Charles Schwertner, the bill’s author, positioned the move as essential for Texas to maintain its reputation as a crypto-friendly jurisdiction.

What Went Wrong in Florida

Florida’s failure stemmed from a combination of factors that the successful states avoided. First, timing proved problematic: the 2025 legislative session was dominated by other priorities, including debates over fluoride regulations and smartphone restrictions for minors. The Bitcoin bills never reached a floor vote in either chamber before the session adjourned on May 2.

Second, “growing concerns” emerged during committee discussions, according to contemporary reporting, though the specific nature of those concerns was not publicly detailed. The bipartisan support that characterized the April committee vote proved fragile. Observers have also pointed to volatility concerns raised by institutions like the Bank of Korea as reflective of the skepticism that remained among some Florida legislators.

Unlike Arizona, Florida didn’t offer a budget-neutral alternative. Unlike New Hampshire, it couldn’t build sufficient coalition support before session’s end. The result: formal “Died in Committee” status recorded on June 16, 2025. Florida’s effort joined Ohio’s Bitcoin Reserve proposal and Oklahoma’s approach among states where similar legislation stalled.

Florida’s Second Attempt: What HB 183 Changes

Representative Webster Barnaby, who sponsored the failed HB 487, returned on Oct. 15, 2025, with HB 183, a substantially revised approach to Florida’s state bitcoin reserve ambitions.

“I am proud to be running this bill to place Florida on the cutting edge of financial technology, and to set the example for other states to follow,” Barnaby stated upon filing.

The new legislation differs from its predecessor in several key respects:

The expanded asset scope is notable: HB 183 moves beyond Bitcoin to include tokenized securities (traditional assets represented on blockchain), stablecoins (cryptocurrencies designed to maintain stable value), and even NFTs. This broader approach represents either pragmatic flexibility or a dilution of the original Bitcoin-focused strategy. The enhanced custody and fiduciary standards (legal duties to manage investments responsibly) appear designed to address the security concerns that may have undermined the original bills.

Julian Fahrer, founder of Bitcoin Laws, offered a measured assessment: “Most of the failed bills you see are because the state legislatures adjourned for the session,” suggesting that HB 183 “could succeed where predecessors failed” given its early filing in the 2026 session.

If enacted, HB 183 would authorize investments from substantial state resources. The Florida Retirement System Trust Fund alone held approximately $219 billion as of September 2025, meaning even a fractional allocation could represent billions in potential Bitcoin exposure.

The Federal Context

Florida’s renewed effort arrives against a backdrop of significant federal engagement with Bitcoin. On March 6, 2025, President Trump signed an Executive Order establishing the Strategic Bitcoin Reserve, directing the federal government to retain Bitcoin acquired through criminal and civil forfeitures rather than selling it at auction as had been standard practice.

The executive order also established a separate U.S. Digital Asset Stockpile for non-Bitcoin cryptocurrencies, signaling a broader shift in federal policy toward treating digital assets as strategic holdings. David Sacks, the White House AI and Crypto Czar, described the move as positioning the United States to lead in the digital asset economy. Senator Cynthia Lummis has pushed further, reintroducing the BITCOIN Act on March 11, 2025, which would authorize the federal government to purchase up to 1 million BTC over five years, though that legislation remains pending. Much like international efforts like Switzerland’s Bitcoin initiative, the federal moves have provided political cover for state-level experimentation.

What This Means for State-Level Bitcoin Adoption

The current scorecard tells a clear story: three states have enacted Bitcoin reserve legislation, while at least 12 others have seen similar bills fail during the 2025 legislative cycle. The successful states share common threads: strong sponsorship, pragmatic structuring, and sufficient time within their legislative sessions to build coalitions.

Florida’s HB 183 filing positions the state for another attempt in the 2026 session. The bill’s early filing date (October 2025 rather than mid-session) may provide the runway that SB 550 and HB 487 lacked. The expanded scope could attract broader support or invite new opposition. The enhanced custody provisions directly address concerns that critics raised against the original proposals.

Whether Florida joins New Hampshire, Arizona, and Texas in 2026 remains uncertain. But with Texas now actively purchasing Bitcoin and the federal government holding rather than selling its cryptocurrency seizures, the policy landscape has shifted decisively toward acceptance. Florida’s question is no longer whether Bitcoin reserves make sense; it’s whether this particular bill, in this particular session, can navigate the political process that defeated its predecessors.

Conclusion

Florida’s path to a state bitcoin reserve has been neither straight nor smooth. The failure of SB 550 and HB 487 in May 2025 marked a setback, but not an ending. Representative Barnaby’s HB 183 represents a refined approach informed by both Florida’s failed first attempt and the successful models from New Hampshire, Arizona, and Texas.

The coming months will determine whether Florida’s second attempt succeeds. Key dates to watch include committee hearing schedules for HB 183 and any floor votes during the 2026 legislative session. For those tracking state-level Bitcoin adoption, Florida remains a critical test case: large enough to matter, ambitious enough to try again, and now informed by what went wrong the first time.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency investments carry significant risk. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

Sources

• Florida Senate. (2025). SB 550: Investments of Public Funds in Bitcoin. flsenate.gov
• Florida House. (2025). HB 487: Investments of Public Funds in Bitcoin. flhouse.gov
• Florida Senate. (2026). HB 183: Investments and Deposits of Public Funds. flsenate.gov
• The White House. (March 6, 2025). Executive Order: Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile. whitehouse.gov
• Arizona House of Representatives. (May 7, 2025). Press Release: Arizona Enacts New Law to Secure Unclaimed Digital Assets and Establish Bitcoin Reserve Fund. azleg.gov
• Texas Legislature. (2025). SB 21: Texas Strategic Bitcoin Reserve Act. legiscan.com
• U.S. Senator Cynthia Lummis. (March 11, 2025). Lummis, Colleagues Introduce Legislation to Codify Trump’s Revolutionary Strategic Bitcoin Reserve. lummis.senate.gov
• Cobler, P. (December 8, 2025). Texas starts cryptocurrency reserve with $5 million buy. The Texas Tribune.
• Bitcoin Laws. (2025). State Bitcoin Reserve Legislation Tracker. bitcoinlaws.io