Florida Representative Webster Barnaby has proposed the state’s second Bitcoin reserve bill, allowing the Chief Financial Officer to allocate up to 10% of Florida’s funds into BTC investments. The bill encompasses funds such as the General Revenue Fund, Budget Stabilization Fund, and various trust funds.
Florida’s Push for Bitcoin Investments
The proposed legislation empowers the CFO to oversee and regulate cryptocurrency investments, ensuring they align with the state’s financial strategies. The bill sets a 10% cap on BTC holdings for each public fund while also establishing policies for secure storage and tax collection.
The initiative reflects a broader movement as institutional investors and governments worldwide increasingly integrate BTC into financial portfolios. Florida’s move follows a national trend of U.S. states exploring cryptocurrency investments for public funds.
Key Provisions of SB 550
- Investment Limits: Capping BTC holdings at 10% of each public fund.
- Security Measures: Establishing guidelines for safe Bitcoin storage and potential lending options.
- Tax Integration: Directing BTC-paid taxes and fees into the General Revenue Fund, which could reimburse state employees opting for crypto-based payments.
This proposal follows Maryland’s recent Strategic Bitcoin Reserve Act, which seeks to fund Bitcoin investments using gambling violation revenues. The growing legislative interest in cryptocurrency adoption signals a shift toward integrating digital assets into state financial systems.
