crypto.news 2025-04-09 13:47:47

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

Florida lawmakers are considering a proposal that would allow the state to invest public funds in Bitcoin. House Bill 487 is scheduled for a public hearing on Wednesday, April 10, in the Insurance & Banking Subcommittee. On April 8, it was included in the agenda for the Insurance & Banking Subcommittee in the House. If passed, the legislation would authorize Florida’s Chief Financial Officer to invest up to 10% of state funds in Bitcoin ( BTC ). FLORIDA Update: Bitcoin Reserve Bill HB 487 is scheduled for public hearing this Wednesday, in the Insurance & Banking Subcommittee This will be the first public SBR hearing in Florida, since the bill was introduced two months ago. pic.twitter.com/19YdEotMdv — Bitcoin Laws (@Bitcoin_Laws) April 8, 2025 It also outlines rules for storing the digital asset, including requirements for custody and lending. The bill permits the CFO and other designated parties to loan Bitcoin held in state funds and requires any taxes or fees paid in Bitcoin to be converted to U.S. dollars and deposited into the state’s General Revenue Fund. That fund would then reimburse the appropriate state accounts in dollars. Additionally, the bill grants the Trustees of the State Board of Administration the authority to invest System Trust Fund assets in Bitcoin. It also exempts these investments from certain state security regulations. You might also like: Yuan drops to 2007 lows after tariffs, could Bitcoin be the new safe haven? State Bitcoin bills Numerous U.S. states are considering legislation to establish Bitcoin reserves. Utah has made progress , with its Bitcoin Reserve Bill passing the House Economic Development Committee on January 28, 2025, and currently awaiting Senate deliberation. Other states actively pursuing similar initiatives include Missouri, Arizona, Oklahoma, and Kentucky. Kentucky recently became the 16th state to introduce 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, dubbed the “Bitcoin Reserve Bill” by its supporters, is the first of its kind to reach a public hearing in Florida. You might also like: Court approves $11m settlement in Shaquille O’Neal’s Astrals NFT lawsuit