The bill introduces a new section, 17.573, in the Florida Statutes, which empowers the Chief Financial Officer (CFO) to invest public funds in Bitcoin and other digital assets. It outlines the CFO's responsibilities to ensure that investment strategies align with the state's economic security goals and allows for a maximum investment of 10% of total funds from various public accounts, including the General Revenue Fund and the Budget Stabilization Fund. The bill mandates secure holding of acquired Bitcoin and permits the CFO to establish rules for loaning Bitcoin to generate returns.

Additionally, the bill amends existing statutes to facilitate these investments, exempting them from certain security requirements and ensuring that taxes or fees paid in Bitcoin are transferred to the General Revenue Fund in U.S. currency. It also allows the Board of Administration to invest up to 10% of the System Trust Fund in Bitcoin, with a focus on secure custody solutions. These changes aim to modernize the state's investment strategies by incorporating cryptocurrency, reflecting a broader trend in financial management, and are set to take effect on July 1, 2025.

Statutes affected:
S 550 Filed: 17.61, 121.151, 280.03