House Bill 487 introduces a new section, 17.573, to the Florida Statutes, which authorizes the Chief Financial Officer (CFO) to invest public funds in Bitcoin. The bill defines Bitcoin and related terms, establishes investment limits of no more than 10% of total funds in any account, and outlines the requirements for holding and managing Bitcoin. It also allows the CFO to loan Bitcoin to generate additional returns, provided that such loans do not increase financial risk. Additionally, any taxes and fees paid in Bitcoin must be transferred to the General Revenue Fund, which will reimburse designated funds in U.S. currency.

The bill amends existing statutes to permit the CFO to invest state funds in Bitcoin alongside traditional investments, exempting these investments from certain security requirements. It mandates the use of secure custody solutions for holding Bitcoin and allows the Board of Administration to invest up to 10% of the System Trust Fund in Bitcoin. The legislation aims to diversify investment strategies by including digital assets like Bitcoin, thereby enhancing Florida's economic security and protecting financial resources against inflation. The act is set to take effect on July 1, 2025.

Statutes affected:
H 487 Filed: 17.61, 121.151, 280.03