Which states in the United States have rejected the Bitcoin Reserves Act?

Reprinted from panewslab

05/13/2025·1M

Compiled by: Felix, PANews (this article has been deleted and modified)

Some U.S. state-level Bitcoin reserve proposals have been hampered after several states rejected bills to invest public funds in the leading cryptocurrency.

More than half of the 50 states in the U.S. have proposed or are considering legislation related to Bitcoin reserves or digital asset investments, but the outcome of many of these bills remains unclear.

Some bills have been successfully passed, establishing a framework for state-level crypto-store reserves, but many have failed to do so. Let’s take a look at which states have rejected the Bitcoin Reserves Act?

Florida

In early May, Sunshine State Florida postponed and withdrawn two bills aimed at incorporating Bitcoin into state finance.

House Bill HB 487 and Senate Bill SB 550 both attempt to allocate up to 10% of specific public funds to this top crypto asset, with bill HB 487 adding all taxes paid in Bitcoin to the general reserves it was supposed to have created.

Neither bill was submitted to the Florida House or Senate for consideration because they were withdrawn at the end of the legislative session on May 3.

Oklahoma

On April 16, the Oklahoma Senate Finance and Taxation Committee vetoed HB 1203, the Strategic Bitcoin Reserves Act, by 6-5. The state's attempt to establish Bitcoin reserves failed.

The bill would have allowed the state to take up to 5% of its four independent state funds to invest in Bitcoin or any other digital assets with an average market capitalization of over $500 billion in the past year. Currently, only Bitcoin meets this standard.

Despite the rejection of the bill, a delegate who was expected to vote against changed positions on the afternoon of the vote and instead supported the bill, saying she was convinced by voters who supported Bitcoin.

Utah

Although the state’s bill was not rejected or voted to veto, Utah’s plan to establish a strategic bitcoin reserve fell in March when a clause that would have allowed the state to create a reserve was removed from a blockchain bill.

After deleting the reserve clause, the "Blockchain and Digital Innovation Amendment" (HB 2030) was passed in the Utah Senate with 19 votes in favor and 7 votes against, establishing the rights of individuals to operate blockchain nodes and participate in pledges of rights. The bill was officially signed by the state’s governor on March 25.

New Mexico

New Mexico's SB 275 bill, which aims to use 5% of state fiscal funds to invest in Bitcoin, was put on hold after it was submitted to the Senate Tax, Business and Transportation Commission in early February.

According to SourceNM, Republican Anthony Thornton, the sponsor of the bill, said he will re-introduce the bill in the future.

Montana

Montana’s Bitcoin reserve proposal, House Bill 429, was not going well after it was filed in late January. The bill aims to allocate up to $50 million in public funds for Bitcoin, stablecoins and precious metals.

Although Rep. Curtis Schomer supported the bill, believing it would help diversify state assets and could bring higher returns, the proposal was rejected in the House on February 21 by 59 to 41.

South Dakota

South Dakota's HB 1202 proposal, which proposed to put up to 10% of the state's public funds into Bitcoin, was rejected on February 24 with a 9-on-3 vote in the House Business and Energy Committee.

Although Rep. Logan Manhart, the sponsor of the bill, believes Bitcoin can maintain its value in an inflationary environment, South Dakota investment official Matt Clark has warned about the asset's volatility.

North Dakota

North Dakota's proposal HB 1184 aims to explore the feasibility of establishing a Bitcoin reserve, but failed to pass the House vote by 57 against and 32 in favor.

However, this does not mean that the Peace Garden State (North Dakota) has completely abandoned cryptocurrency-related initiatives. The North Dakota Legiscan website shows that the North Dakota Legislative Assembly is still considering a resolution proposed by Republicans that encourages the state’s finance secretary and the state investment committee to invest some state money in digital assets and precious metals.

According to state records, the resolution has been passed in the second reading of the North Dakota House of Representatives and will be submitted to the State Senate Industry and Commerce Committee for further consideration.

Pennsylvania

Pennsylvania's HB 2664 bill had proposed investing up to 10% of the state's funds in Bitcoin, but the bill has actually been rejected.

The Republican-led bill, co-sponsored by Rep. Michael Cabell and Rep. Aaron Coffer, was first proposed last November. The bill would authorize the Pennsylvania Treasury Secretary to invest in cryptocurrencies, where public funds can be invested in these digital assets through secure custody solutions, or invest in exchange-traded products that track the prices of digital assets such as Bitcoin.

Wyoming

The bill proposed by Wyoming in mid-January was rejected by the state committee on Feb. 6, and state legislature records show that only one out of eight lawmakers supported the initiative.

The bill calls for state government funds and permanent funds to be invested in Bitcoin. Under the bill, funds from the General Fund, the Permanent Wyoming Mineral Trust and the Permanent Land Fund can be invested in the largest digital assets in the market capitalization respectively.

Arizona

Arizona’s “Arizona Strategic Bitcoin Reserves Act” (SB 1025) had advanced all the way to Gov. Katie Hobbs’ desk, but it was ultimately unsuccessful, which Katie Hobbs vetoed in early May.

If the bill passes, it will allow the Arizona Treasury Secretary to invest up to 10% of state funds into Bitcoin and other cryptocurrencies. "Arizona's pension funds are not suitable for the state to try an untested investment like a virtual currency," Katie Hobbs wrote in a letter to Arizona Senate Speaker Warren Peterson. It is worth mentioning that the Arizona Senate approved Bitcoin Reserves Act SB 1373 and sent it to Gov. Katie Hobbs for the final decision.

Although the SB 1025 bill was rejected, a separate bill was finally passed and signed into law a few days later. According to the US Arizona legislative records, the HB 2749 Act has been officially signed into law by the governor, marking the state's first crypto reserve. This reserve is not used for investment, but rather receives unclaimed virtual assets, airdrops and pledge rewards and maintains its native form of storage.

Outlook

Although New Hampshire is the first state to pass the Strategic Bitcoin Reserves Act, which authorizes state fiscal officials to purchase Bitcoin or digital assets with a market capitalization of more than $500 billion and set a position cap of 5% of the total reserve funds. But some other bills are still to be reviewed by lawmakers everywhere.

The North Carolina House of Representatives passed the Digital Asset Investment Act (HB 92) bill that authorizes state finance departments to invest in qualified digital assets. An earlier version of the bill proposed that investment in digital assets should not exceed 10% of the total fund, but the version that the House finally passed adjusted the ceiling to 5%. The bill is now submitted to the Senate for consideration.

The Texas House Committee has passed the SB 21 Act, intending to establish a state-level Bitcoin reserve. The bill passed by 9-4 votes and has previously received overwhelming support from the state Senate 25-5. If approved by the House by June 2, it will be submitted to Governor Greg Abbott for signature.

Other states, such as Alabama and Minnesota, have also introduced Bitcoin reserve bills, but are still far behind in legislative processes.

According to BitcoinLaws data, there are currently about 36 bills related to the national Bitcoin reserves still in progress.