House Bill 487 introduces a new section, 17.573, to the Florida Statutes, allowing the Chief Financial Officer (CFO) to invest public funds in Bitcoin. The bill defines Bitcoin and related terms, sets investment limits at a maximum of 10% of total funds in any account, and outlines the management and holding requirements for Bitcoin investments. Additionally, the CFO is authorized to loan Bitcoin to generate returns, provided these loans do not increase financial risk. Taxes and fees paid in Bitcoin will be directed to the General Revenue Fund, which must reimburse designated funds in U.S. currency.

The bill amends existing statutes to facilitate the investment of state funds in Bitcoin alongside traditional securities, exempting these investments from certain security requirements. It emphasizes the necessity for secure custody solutions for managing Bitcoin assets. The Board of Administration is also granted the authority to invest available funds of the System Trust Fund in Bitcoin under similar conditions. The act is scheduled to take effect on July 1, 2025, aiming to enhance Florida's economic security by diversifying investment strategies to include digital assets.

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