Latest news with #Bill550
Yahoo
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them?
Business Mayor
07-05-2025
- Business
- Business Mayor
Florida scraps Bitcoin reserve bills as state-level crypto adoption faces setbacks
Florida's decision follows a broader trend of legislative setbacks surrounding Bitcoin reserve proposals. Similar bills have been shelved or blocked in states like Wyoming, Pennsylvania, Oklahoma, Montana, North Dakota, and South Dakota. Only 19 US states are still actively exploring legislation related to state Bitcoin reserves. Florida has withdrawn two key bills aimed at creating a state-level strategic Bitcoin (BTC) reserve, marking a significant pause in momentum for state-driven crypto investment efforts across the US. House Bill 487 and Senate Bill 550, both introduced in February 2025, have now been 'indefinitely postponed and withdrawn from consideration,' according to the Florida Senate website. The bills had sought to authorize the use of public funds to invest in Bitcoin, signaling a potential shift in how state reserves are managed. With their withdrawal, Florida becomes the latest in a growing list of states backing away from formal crypto reserve legislation. Multiple states stall on BTC investment plans Florida's decision follows a broader trend of legislative setbacks surrounding Bitcoin reserve proposals. Similar bills have been shelved or blocked in states like Wyoming, Pennsylvania, Oklahoma, Montana, North Dakota, and South Dakota. While many of these initiatives remain in early committee stages, few have progressed far enough to secure full legislative approval. Arizona had shown the most progress earlier this year with SB 1025, which passed a state House vote before being vetoed by Governor Katie Hobbs. The bill would have permitted investment of seized state funds into Bitcoin, representing the most advanced attempt at institutional BTC adoption at the state level. Despite the veto of SB 1025, Arizona is still considering SB 1373, a separate proposal that would allow up to 10% of state funds to be allocated to digital assets, including Bitcoin. However, that bill has yet to reach a final vote, and its fate remains uncertain amid growing legislative caution. Is Bitcoin legislation losing steam nationwide? According to data from Bitcoin Laws, only 19 US states are still actively exploring legislation related to state Bitcoin reserves (SBRs), with 36 bills under discussion. The number has dropped significantly over the past six months, reflecting increased hesitation among lawmakers due to market volatility, fiscal risks, and regulatory uncertainty. Much of this retreat has been attributed to concerns like those cited by Arizona Governor Katie Hobbs, who pointed to the lack of long-term historical data supporting Bitcoin's stability or reliability for public fund management. Despite the slowdown at the state level, Bitcoin reserve discussions are gaining traction federally. President Donald Trump has reportedly signed an executive order directing agencies to explore the feasibility of a national Bitcoin reserve system. Still, skepticism remains. BitMEX co-founder Arthur Hayes recently argued that the US is unlikely to meaningfully expand its crypto holdings, citing entrenched financial conservatism and cultural resistance toward Bitcoin.
