Which U.S. states have rejected Bitcoin reserve bills?
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Which U.S. states have rejected Bitcoin reserve bills?
Some states oppose Bitcoin or cryptocurrency reserve bills, hindering efforts to incorporate digital assets into public finances.
Navigating Web3 tides with focused insightsWritten by: Decrypt
Translated by: Felix, PANews
After several states rejected bills proposing to invest public funds into this leading cryptocurrency, some state-level Bitcoin reserve initiatives in the U.S. have hit roadblocks.
More than half of the 50 U.S. states have introduced or are considering legislation related to Bitcoin reserves or digital asset investments, but the outcomes for many of these bills remain uncertain.
Some bills have successfully passed, establishing frameworks for state-level crypto reserves, while others have failed to advance. Here’s a look at which states have rejected Bitcoin reserve proposals?
Florida
In early May, Florida—the Sunshine State—postponed and withdrew two bills aimed at incorporating Bitcoin into its state finances.
House Bill HB 487 and Senate Bill SB 550 both sought to allocate up to 10% of certain public funds to this top crypto asset, with HB 487 also proposing that all taxes paid in Bitcoin be added to the general reserve fund it was meant to create.
Neither bill was referred to a vote in Florida's House or Senate, as they were withdrawn when the legislative session ended on May 3.
Oklahoma
On April 16, Oklahoma’s Senate Committee on Fiscal Review and Taxation voted 6–5 to reject HB 1203, the “Strategic Bitcoin Reserve Act,” ending the state’s attempt to establish a Bitcoin reserve.
The bill would have allowed the state to invest up to 5% from four separate state funds into Bitcoin or any other digital asset with an average market capitalization exceeding $500 billion over the past year—currently only Bitcoin qualifies.
Although the bill was rejected, one representative who had been expected to oppose it changed her position and voted in favor on the day of the vote, saying she had been persuaded by Bitcoin-supporting constituents.
Utah
While no formal rejection vote occurred, Utah’s plan to create a strategic Bitcoin reserve fell through in March when a provision enabling such a reserve was removed from a blockchain-related bill.
The “Blockchain and Digital Innovation Amendments” (HB 2030) passed the Utah Senate 19–7 after the reserve clause was deleted, affirming rights such as operating personal blockchain nodes and participating in staking. The bill was officially signed into law by the governor on March 25.
New Mexico
New Mexico’s SB 275, which aimed to allocate 5% of state treasury funds toward Bitcoin investment, was tabled in early February after being referred to the Senate Taxation, Business, and Transportation Committee.
According to SourceNM, Republican sponsor Anthony Thornton said he plans to reintroduce the bill in the future.
Montana
Motana’s House Bill 429, which proposed allocating up to $50 million in public funds toward Bitcoin, stablecoins, and precious metals, stalled shortly after being introduced in late January.
Despite support from Representative Curtis Schomer, who argued the bill would diversify state assets and potentially yield higher returns, the proposal was rejected by the House on February 21 by a vote of 59–41.
South Dakota
South Dakota’s HB 1202, which proposed investing up to 10% of the state’s public funds in Bitcoin, was defeated in the House Committee on Commerce and Energy on February 24 by a vote of 9 against and 3 in favor.
Although sponsor Representative Logan Manhart argued Bitcoin could preserve value during inflation, South Dakota investment official Matt Clark warned about the asset’s volatility.
North Dakota
North Dakota’s HB 1184, which aimed to explore the feasibility of establishing a Bitcoin reserve, failed to pass in the House with a vote of 57 opposed and 32 in favor.
However, this does not mean the “Peace Garden State” has completely abandoned crypto-related initiatives. According to Legiscan, the North Dakota legislature is still reviewing a Republican-sponsored resolution encouraging the state treasurer and investment board to consider allocating portions of state funds into digital assets and precious metals.
State records show the resolution has passed second reading in the North Dakota House and will be sent to the Senate Committee on Industry and Business for further review.
Pennsylvania
Pennsylvania’s HB 2664, which proposed investing up to 10% of state funds in Bitcoin, has effectively been rejected.
The Republican-led bill, co-sponsored by Representatives Michael Cabell and Aaron Kaufer, was first introduced in November last year. It would have authorized Pennsylvania’s Treasurer to invest in cryptocurrencies using secure custody solutions or exchange-traded products tracking prices of digital assets like Bitcoin.
Wyoming
A bill introduced in mid-January in Wyoming was rejected by a state committee on February 6. Legislative records show only one out of eight committee members supported the initiative.
The bill called for investing state government funds and permanent funds in Bitcoin. Under the proposal, portions of the General Fund, Permanent Wyoming Mineral Trust Fund, and Permanent Land Fund could be allocated to the largest digital asset by market cap.
Arizona
Arizona’s “Strategic Bitcoin Reserve Act” (SB 1025) advanced all the way to Governor Katie Hobbs’ desk but was ultimately vetoed in early May.
If passed, the bill would have allowed Arizona’s Treasurer to allocate up to 10% of state funds into Bitcoin and other cryptocurrencies. In a letter to Senate President Warren Petersen, Hobbs wrote, “Arizona’s retirement funds are not the place for the state to experiment with unproven investments like virtual currency.” Notably, the Arizona Senate approved Bitcoin reserve bill SB 1373 and sent it to Governor Katie Hobbs for final action.
Although SB 1025 was vetoed, a separate bill was soon passed and signed into law. According to legislative records, HB 2749 has been officially signed, marking the establishment of the state’s first crypto reserve. This reserve is not intended for investment purposes; instead, it will receive unclaimed virtual assets, airdrops, and staking rewards, storing them in their native form.
Outlook
While New Hampshire became the first state to pass a strategic Bitcoin reserve bill—authorizing its state treasurer to purchase Bitcoin or digital assets with a market cap exceeding $500 billion, capped at 5% of total reserve funds—other similar bills remain under consideration across various legislatures.
The North Carolina House passed the “Digital Asset Investment Act” (HB 92), authorizing the state treasury to invest in qualified digital assets. An earlier version proposed a 10% cap on digital asset investments, but the final version adopted by the House lowered the limit to 5%. The bill has now been sent to the Senate for review.
A Texas Senate committee passed SB 21, which proposes creating a state-level Bitcoin reserve. The bill passed 9–4, following overwhelming 25–5 support in the state Senate. If passed by the full House before June 2, it will be sent to Governor Greg Abbott for signature.
Other states, including Alabama and Minnesota, have also introduced Bitcoin reserve bills, though they remain far behind in the legislative process.
According to BitcoinLaws, approximately 36 bills related to national Bitcoin reserves are currently advancing nationwide.
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