Florida Advances Bitcoin as State Asset with New Bill
Florida is making a bold move in the world of cryptocurrency. The state has introduced a bill that could see Bitcoin become part of its financial reserves. This step puts Florida in the company of other states like Arizona and New Hampshire, which are also exploring Bitcoin as a sovereign asset.
house Bill 487, or “Investments of public funds in Bitcoin,” recently passed the House Insurance and Banking Subcommittee with unanimous support. The bill allows FloridaS Chief Financial Officer and State Board of Administration to invest up to 10% of key public funds into Bitcoin. These funds include the General Revenue Fund and the Budget Stabilization Fund.
the bill also includes strict rules for custody, security, and compliance.It even allows the state to lend out its Bitcoin or use it in exchange-traded products. However, the bill must pass through three more committees before it reaches the full House for a vote.
Florida’s move is part of a broader trend in the U.S. where states are considering Bitcoin as a reserve asset. Bitcoin Laws reports that Arizona is leading this race. Its Senate Bills 1373 and 1025 have already passed the Senate and House Rules Committee. If these bills become law,Arizona will be the first state to officially adopt a Bitcoin reserve policy.
New Hampshire is also making progress with its Bitcoin reserve bill (HB 302). The bill passed the full House and is now under Senate review. It allows the state treasurer to invest up to 10% of authorized funds into Bitcoin and precious metals, provided the assets have a market cap exceeding $500 billion.
