Florida bill proposes investing in Bitcoin, first hearing set for April 10

Florida legislators are considering a proposal that would allow the State to invest in public funds in Bitcoin.

Bill 487 is planned for a public hearing on Wednesday, April 10, in the insurance and banks subcommittee. On April 8, he was included on the agenda of the insurance and banking subcommittee of the house.

If it is adopted, the legislation would authorize the chief financial director of Florida to invest up to 10% of public funds in Bitcoin (BTC).

It also describes the storage rules for digital assets, including childcare and loan requirements. The bill authorizes the CFO and other parties designated to lend Bitcoin held in state funds And requires that all taxes or costs paid in Bitcoin will be converted into US dollars and deposited in the general state income fund.

This fund would then reimburse the appropriate state accounts in dollars.

In addition, the bill grants trustee of the State Board of Administration to invest the assets of the system fiduciary fund in Bitcoin. He also exempts these investments from certain state security regulations.

Bitcoin Bills states

Many American states are considering legislation to establish Bitcoin reserves. Utah has made progressWith its bill on the Bitcoin reserve, adopting the Chamber’s economic development committee on January 28, 2025 and currently pending deliberation by the Senate.

Other states actively pursuing similar initiatives include Missouri, Arizona, Oklahoma and Kentucky. Kentucky recently became the 16th State to present legislation for a bitcoin reserve, joining others like Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas and Wyoming.

HB 487, nicknamed the “Bitcoin Reserve Bill” by its supporters, is the first of its kind to reach a public audience in Florida.