Soon after taking office, President Donald Trump floated plans for a strategic bitcoin reserve.

It was part of a larger push by the president, backed by the digital asset sector, to turn the U.S. into the world’s cryptocurrency capital.

However, similar efforts to create bitcoin reserves have begun to flounder on the state level. The latest example comes from Florida, where, per a report Tuesday (May 6) by Decrypt, a pair of bills designed to allocate up to 10% of select public funds to bitcoin were withdrawn.

As that report notes, Florida joins Arizona, Montana, North Dakota, Oklahoma, Pennsylvania, South Dakota and Wyoming on the list of states that have rejected crypto treasury legislation this year. In some states legislation made it past both chambers before the state’s governor vetoed the bills.

That’s what happened last week in Arizona, when Gov. Katie Hobbs rejected legislation that would have invested a portion of the state’s retirement fund into bitcoin.

“Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу,” Hobbs wrote in a letter to the state senate president.

According to the Decrypt report, as of early May there were 36 active bitcoin reserve bills in 19 states. Just two weeks ago, there were more than 45 such pieces of legislation in more than two dozen states.

This legislative back-and-forth is happening, as PYMNTS wrote recently, amid a growing mainstream adoption of cryptocurrencies.

“Observers believe it is becoming increasingly held, across Wall Street and beyond, that digital assets may no longer be confined to speculative circles,” that report said. “As bitcoin ETFs become a growing component of diversified portfolios and regulatory frameworks begin to crystallize, the decentralization dream that once defined crypto appears to be giving way to a new era of structured integration.”

And while it’s no longer a novelty to see major investment firms delving into crypto, this year has marked a turning point. Morgan Stanley is preparing to offer cryptocurrency trading to its massive E*Trade user base as soon as 2026, a move that could bring digital asset investments to millions of customers.

At the same time, Charles Schwab is preparing to offer spot crypto trading for bitcoin and ethereum sometime this year to address increasing demand from traditional investors.

“These moves are not isolated,” the report added. “BlackRock, the world’s largest asset manager, is pushing blockchain technology deeper into conventional finance. The firm recently announced plans to register a new share class of its $150 billion money market fund on a blockchain, a step designed to enhance transparency and operational efficiency.”