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 must ensure that investment strategies are aligned with these objectives while maintaining flexibility in decision-making. The legislation permits investments in Bitcoin from various state funds, capping the investment at 10% of the total funds in any account. It also establishes requirements for holding Bitcoin, including secure custody solutions and conditions for loaning Bitcoin.

Additionally, the bill amends existing statutes to facilitate these investments, ensuring compliance with security requirements. It mandates that taxes and fees paid in Bitcoin be directed to the General Revenue Fund, which must reimburse designated funds in U.S. currency. The Trustees of the State Board of Administration are also authorized to invest available funds in Bitcoin, with definitions provided for key terms related to these investments. The act is scheduled to take effect on July 1, 2025, and includes provisions for maintaining detailed records of transactions and investments.

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