House Bill 487 introduces a new section, 17.573, to the Florida Statutes, which empowers 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 that such loans do not increase financial risk. Taxes and fees paid in Bitcoin will be directed to the General Revenue Fund, which is required to reimburse designated funds in U.S. currency.

The bill also amends existing statutes to facilitate these new investment strategies, allowing the CFO and the Board of Administration to invest state funds in Bitcoin alongside traditional securities. It specifies that Bitcoin investments are exempt from certain security requirements and emphasizes the necessity for secure custody solutions for managing these digital assets. The overarching aim of the bill is to modernize Florida's investment approach, protect financial resources against inflation, and enhance economic security by diversifying into cryptocurrency. The act is scheduled to take effect on July 1, 2025.

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