- Florida’s HB 487 proposes allowing up to 10% of state funds to be invested in Bitcoin through the state’s Chief Financial Officer.
- The bill outlines Bitcoin storage, lending protocols, and mandates dollar conversion for all digital tax and fee payments.
- It permits the State Board of Administration to invest trust funds in Bitcoin, exempting those investments from select security laws.
Florida lawmakers are moving forward with a proposal that would allow the state to invest public funds in Bitcoin. House Bill 487 has emerged for its public hearing at the Insurance and Banking Subcommittee on April 10. The subcommittee scheduled the bill for its agenda on April 8.
If passed, the bill would permit Florida’s Chief Financial Officer to allocate up to 10 percent of state funds into Bitcoin. The legislation outlines how the digital asset would be stored, with specific provisions for custody and lending practices.
The bill also includes procedures for managing Bitcoin transactions. It allows state-designated entities to loan Bitcoin and sets a requirement for converting any fees or taxes paid in Bitcoin into U.S. dollars. These converted funds would then be deposited into the state’s General Revenue Fund before being distributed to appropriate accounts.
Beyond state reserves, the bill authorizes the Trustees of the State Board of Administration to invest assets from the System Trust Fund into Bitcoin. These investments would be exempt from certain state security laws under the bill.
Florida Joins Trend Among States Exploring Bitcoin Reserves
Florida is not alone in this effort. Multiple states across the U.S. have introduced similar proposals to allow Bitcoin reserves. Utah’s version of the bill advanced in January and is now under Senate review. Kentucky recently became the 16th state to propose legislation on Bitcoin reserves.
This is the first time a Bitcoin-focused investment proposal has advanced to a public hearing in the Florida House. Lawmakers in Missouri, Arizona, Oklahoma, and Massachusetts are also discussing similar initiatives. Supporters of HB 487 have referred to it as the “Bitcoin Reserve Bill.”
