Florida’s Wild Bitcoin Gamble: Sunshine State Goes Crypto Crazy! 🌴💰

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Ah, Florida! The land of sunshine, alligators, and now, apparently, Bitcoin. Yes, dear reader, the state’s lawmakers, in their infinite wisdom, are considering a proposal that would allow the state to dip its toes—nay, plunge headfirst—into the murky waters of cryptocurrency. 🏊‍♂️💸

House Bill 487, a document that could either be a stroke of genius or a recipe for financial disaster, is set for a public hearing on Wednesday, April 10, in the Insurance & Banking Subcommittee. It was added to the agenda on April 8, presumably after someone said, “Why not?” and everyone else nodded in agreement. 🤷‍♂️

If passed, this legislation would grant Florida’s Chief Financial Officer the power to invest up to 10% of state funds in Bitcoin (BTC). Yes, you read that correctly. The same state known for its retirees and theme parks might soon be known for its crypto portfolio. 🎢📈

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.

— Bitcoin Laws (@Bitcoin_Laws) April 8, 2025

But wait, there’s more! The bill also outlines rules for storing this digital gold, including custody and lending requirements. It even allows the CFO and other designated parties to loan out the state’s Bitcoin. Because, of course, why not turn the state treasury into a crypto bank? 🏦💱

And let’s not forget the taxes and fees paid in Bitcoin. The bill mandates that these be converted to U.S. dollars and deposited into the state’s General Revenue Fund. Because nothing says “fiscal responsibility” like converting volatile digital assets into cold, hard cash. 💵🔄

But wait, there’s even more! The bill grants the Trustees of the State Board of Administration the authority to invest System Trust Fund assets in Bitcoin. And, as if that weren’t enough, it exempts these investments from certain state security regulations. Because who needs regulations when you have Bitcoin? 🚀🔒

State Bitcoin bills

Florida isn’t alone in this crypto craze. Numerous U.S. states are considering legislation to establish Bitcoin reserves. Utah, for example, has made progress with its Bitcoin Reserve Bill, which passed the House Economic Development Committee on January 28, 2025, and is now awaiting Senate deliberation. 🏛️📜

Other states jumping on the Bitcoin bandwagon include Missouri, Arizona, Oklahoma, and Kentucky. Kentucky, in particular, recently became the 16th state to introduce legislation for a Bitcoin reserve. Because when you think of Kentucky, you think of bourbon, horses, and now, Bitcoin. 🥃🐎💎

HB 487, dubbed the “Bitcoin Reserve Bill” by its supporters, is the first of its kind to reach a public hearing in Florida. Whether it’s a bold step into the future or a leap into the abyss remains to be seen. But one thing is certain: Florida is never boring. 🌴🎲

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2025-04-09 16:49