House Bill 487 proposes the establishment of a new section, 17.573, in the Florida Statutes, which authorizes 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 requirements for holding and managing Bitcoin. It also allows the CFO to loan Bitcoin under specific conditions and mandates the adoption of rules governing such loans. Furthermore, taxes and fees paid in Bitcoin will be transferred to the General Revenue Fund, which is required to reimburse designated funds in U.S. currency for these payments.

In addition to creating new provisions, the bill amends existing statutes to permit the CFO to invest state funds in Bitcoin alongside traditional investments. It emphasizes the importance of secure custody solutions for Bitcoin holdings and delineates the CFO's responsibilities in managing these investments to enhance the state's economic security. The legislation reflects a growing recognition of Bitcoin as a potential hedge against inflation and aims to modernize Florida's investment strategies by incorporating cryptocurrency, with the act set to take effect on July 1, 2025.

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