This bill introduces a new section, 17.573, to the Florida Statutes, empowering the Chief Financial Officer (CFO) to invest public funds in Bitcoin and other digital assets to combat inflation and bolster the state's economic security. The CFO is permitted to allocate up to 10% of total funds from various public accounts, including the General Revenue Fund and the Budget Stabilization Fund, towards these investments. The bill outlines specific requirements for holding Bitcoin, such as utilizing secure custody solutions and allowing for the option to loan Bitcoin under certain conditions. Additionally, it mandates that any taxes and fees paid in Bitcoin be transferred to the General Revenue Fund, which must reimburse designated funds in U.S. currency.

Furthermore, the bill amends existing statutes to facilitate these investments, exempting them from certain security requirements and allowing both the CFO and the Board of Administration to invest state funds in Bitcoin. The Board of Administration is specifically authorized to invest up to 10% of the System Trust Fund in Bitcoin, with the requirement that these funds be held through secure custody solutions or qualified custodians. The legislation also includes technical amendments to clarify investment transaction recording and definitions related to Bitcoin, while expanding exemptions from public deposit requirements for these new investment provisions. The act is scheduled to take effect on July 1, 2025.

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