Florida Senator Proposes Bill to Allow Public Fund Investments in Bitcoin
The post Florida Senator Proposes Bill to Allow Public Fund Investments in Bitcoin appeared on BitcoinEthereumNews.com.
Florida Senator Joe Gruters has introduced a new legislative proposal titled “SB 550: Investments of Public Funds in Bitcoin.” The bill seeks to allow the state’s Chief Financial Officer (CFO) to allocate up to 10% of various public funds to Bitcoin and other cryptos. The proposal includes the General Revenue Fund, Budget Stabilization Fund, and several trust funds. New Florida Bill Seeks to Allocate Public Funds to Bitcoin Holdings Recently, Florida Senator Joe Gruters proposed a bill to allow the investment of public funds in Bitcoin. This legislation grants the CFO the authority to manage and regulate such investments. The bill ensures public fund allocation aligns with state financial strategies and incorporates provisions for cryptocurrency. Moreover, the bill mandates strict investment limits, capping Bitcoin holdings at 10% for each public fund included in the proposal. It also outlines policies for securely holding Bitcoin and establishes guidelines for tax collection. The aim is to integrate Bitcoin into Florida’s financial infrastructure as a viable asset while maintaining regulatory compliance. The rise in Bitcoin adoption among institutional investors and governments globally has spurred legislative interest in integrating crypto into state finances. This bill positions Florida as part of a broader movement among U.S. states exploring Bitcoin for public fund investments. More so, VanEck Chief Matthew Sigel emphasized that a Bitcoin reserve could secure the US’ dominance in key sectors like energy, AI, and financial innovation. He believes that holding Bitcoin as a reserve would hedge against inflation and reinforce the country’s digital economy. Sigel asserts that embracing Bitcoin would signal strength and adaptability, ensuring the US remains at the forefront of technological and financial advancements. Key Provisions in SB 550 for Bitcoin Adoption The proposed bill introduces a clear framework for public fund investments in Bitcoin. It grants the CFO the flexibility to…
Filed under: News - @ February 11, 2025 1:13 am