Lawmakers in Florida are evaluating a proposal that would enable the state to allocate public funds into Bitcoin.
House Bill 487 is set for a public hearing on Wednesday, April 10, in the Insurance & Banking Subcommittee. On April 8, it was added to the agenda for the Subcommittee meeting in the House.
If approved, this legislation would empower Florida’s Chief Financial Officer to invest as much as 10% of state funds in Bitcoin (BTC).
The legislation also establishes guidelines for the management of this digital asset, specifying custody and lending requirements. It permits the CFO and other authorized individuals to lend Bitcoin held within state funds, and mandates that any payments made in Bitcoin be converted to U.S. dollars and deposited into the state’s General Revenue Fund.
This fund would then reimburse the respective state accounts in dollars.
Additionally, the bill empowers the Trustees of the State Board of Administration to invest System Trust Fund assets in Bitcoin, while also exempting these investments from specific state security regulations.
State Bitcoin Initiatives
A number of U.S. states are deliberating similar legislation aimed at creating Bitcoin reserves. Utah is making headway, as its Bitcoin Reserve Bill passed through the House Economic Development Committee on January 28, 2025, and is now awaiting Senate discussion.
Other states actively exploring comparable measures include Missouri, Arizona, Oklahoma, and Kentucky. Recently, Kentucky became the 16th state to propose legislation for a Bitcoin reserve, joining Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming.
HB 487, referred to as the “Bitcoin Reserve Bill” by its supporters, is the first of its kind to reach a public hearing in the state.