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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to investments of public funds in 2
Bitcoin; creating s. 17.573, F.S.; providing 3
definitions; authorizing the Chief Financial Officer 4
to make investments in Bitcoin; authorizing the Chief 5
Financial Officer to invest money from certain public 6
funds; providing limits to such investments; providing 7
requirements for holding acquired Bitcoin; authorizing 8
the Chief Financial Officer and other parties to loan 9
Bitcoin under specified circumstances; requiring rules 10
governing such loans; requiring taxes and fees paid in 11
Bitcoin to be transferred to the General Revenue Fund; 12
requiring the General Revenue Fund to reimburse 13
designated funds in United States c urrency for such 14
payments; amending ss. 17.57 and 17.61, F.S.; 15
conforming provisions to changes made by the act; 16
amending s. 121.151, F.S.; authorizing the Trustees of 17
the State Board of Administration to invest and 18
reinvest available funds of the System T rust Fund in 19
Bitcoin; providing requirements for such investments; 20
providing definitions; amending s. 280.03, F.S.; 21
providing that investments of public funds in Bitcoin 22
are exempt from certain security requirements; 23
providing an effective date. 24
25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
WHEREAS, inflation has eroded the purchasing power of 26
assets held in state funds managed by the Chief Financial 27
Officer and this erosion diminishes the value of the state's 28
reserves, affecting the financial stability and economic 29
security of this state, its ta xpayers, and its residents, and 30
WHEREAS, although this state does not have direct control 31
over the national money supply or the policies that influence 32
inflation, it has a responsibility to safeguard Florida's 33
financial resources against the impacts of in flation and other 34
economic uncertainties, and 35
WHEREAS, throughout its history, Bitcoin has greatly risen 36
in value and is becoming more widely accepted as an 37
international medium of exchange, and countries around the 38
world, including the United States, hol d Bitcoin within their 39
treasury departments, and 40
WHEREAS, Bitcoin is viewed as a hedge against inflation by 41
sovereign nations and prominent investment advisors, including 42
BlackRock, Fidelity, and Franklin Templeton, and 43
WHEREAS, this state should have ac cess to tools such as 44
Bitcoin to protect against inflation, NOW, THEREFORE, 45
46
Be It Enacted by the Legislature of the State of Florida: 47
48
Section 1. Section 17.573, Florida Statutes, is created to 49
read: 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
17.573 Investments in Bitcoin. — 51
(1) As used in this section, the term: 52
(a) "Bitcoin" means the decentralized digital currency 53
launched in 2009 which allows online payments to be sent 54
directly from one party to another without going through a 55
financial institution. The term includes the digital asse t 56
underlying Bitcoin exchange -traded products regulated by the 57
Securities and Exchange Commission. 58
(b) "Exchange-traded product" means a financial instrument 59
approved by the Securities and Exchange Commission, the 60
Commodity Futures Trading Commission, or the Department of 61
Financial Services which is traded on a national stock exchange 62
and derives its value from an underlying pool of assets, 63
including stocks, bonds, commodities, and indexes. 64
(c) "Private key" means a unique element of cryptographic 65
data used for signing transactions on a blockchain, known only 66
to the owner. 67
(d) "Secure custody solution" means a technological 68
product or blended product and service meeting all of the 69
following criteria: 70
1. The cryptographic private keys are: 71
a. Exclusively known by and accessible to the governmental 72
entity. 73
b. Contained within an encrypted environment and 74
accessible only via end -to-end encrypted channels. 75
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c. Never stored on or accessible via a smartphone. 76
2. The hardware containing the cryp tographic private keys 77
is maintained in at least two geographically diverse, secure 78
data centers. 79
3. A multiparty governance structure for authorizing 80
transactions is implemented, user access control is enforced, 81
and all user-initiated actions are logged . 82
4. The provider of the technological product or blended 83
product and service has implemented a disaster recovery protocol 84
ensuring access to assets if the provider becomes unavailable. 85
5. The technological product or blended product and 86
service undergoes regular code audits and penetration testing, 87
with identified vulnerabilities promptly addressed. 88
(e) "Qualified custodian" means a federal bank, a Florida 89
state-chartered bank, a trust company, a special -purpose 90
depository institution, or a company regulated by this state 91
which provides custody services for Bitcoin as part of an 92
approved exchange-traded product. 93
(2) The Chief Financial Officer may: 94
(a) Include Bitcoin and potentially other digital assets 95
to serve as stores of value and provide a hedge against 96
inflation, thereby protecting the purchasing power of state 97
funds. 98
(b) Ensure that the investment strategies employed by the 99
Chief Financial Officer align with the goal of enhancing this 100
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state's economic security and financial resilience. 101
(c) Maintain flexibility in investment decisions to 102
respond to changing economic conditions and emerging 103
opportunities that may offer better protection or returns on 104
state funds. 105
(3)(a)1. The Chief Financial Officer may invest money in 106
Bitcoin from the following funds: 107
a. The General Revenue Fund. 108
b. The Budget Stabilization Fund. 109
c. All the trust funds and all agency funds of each state 110
agency, and of the judicial branch, as defined in s. 216.011. 111
d. Funds of any board, association, or entity cr eated by 112
the State Constitution or by law upon request of the board, 113
association, or entity. 114
e. Any other state fund deemed appropriate by the 115
Legislature. 116
2. The amount of public funds that the Chief Financial 117
Officer may invest in Bitcoin may not exc eed 10 percent of the 118
total funds in any account. 119
(b)1. The Bitcoin acquired under paragraph (a) shall be 120
held: 121
a. Directly by the Chief Financial Officer through the use 122
of a secure custody solution; 123
b. On behalf of this state by a qualified custodi an; or 124
c. In the form of an exchange -traded product issued by an 125
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
investment company registered with the Securities and Exchange 126
Commission under the Investment Company Act of 1940, as amended. 127
2. The Chief Financial Officer, and other parties with the 128
permission of the Chief Financial Officer, may loan the Bitcoin 129
in state funds to generate additional returns for this state if 130
such loans do not increase financial risk. The Chief Financial 131
Officer shall adopt rules governing such loans. 132
(4) Taxes or fees paid to this state in Bitcoin shall be 133
transferred to the General Revenue Fund. The General Revenue 134
Fund shall reimburse the designated fund for the value of the 135
Bitcoin payment in United States currency for such taxes or 136
fees. 137
Section 2. Paragraph (b) of subsection (1) and subsections 138
(2) and (7) of section 17.57, Florida Statutes, are amended to 139
read: 140
17.57 Deposits and investments of state money. — 141
(1) 142
(b) The Chief Financial Officer, or other parties with the 143
permission of the Chief Financial Officer, shall: 144
1. Deposit the money of the state or any money in the 145
State Treasury in such qualified public depositories of the 146
state as will offer satisfactory collateral security for such 147
deposits, pursuant to chapter 280 ; or 148
2. Invest the money of the state or any money in the State 149
Treasury in Bitcoin pursuant to s. 17.573 and deposit the rest 150
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of the money of the state and the State Treasury in the 151
qualified public depositories described in subparagraph 1 . 152
153
It is the duty of the Chief Financial Officer, consistent with 154
the cash requirements of the state, to keep such money fully 155
invested or deposited as provided herein in order that the state 156
may realize maximum earnings and benefits. Nothing in this 157
section shall preclude cr edit unions designated as public 158
depositories from participation. 159
(2)(a) The Chief Financial Officer shall make funds 160
available to meet the disbursement needs of the state. Funds 161
which are not needed for this purpose shall be : 162
1. Placed in qualified pu blic depositories that will pay 163
rates established by the Chief Financial Officer at levels not 164
less than the prevailing rate for United States Treasury 165
securities with a corresponding maturity ; or 166
2. Invested in Bitcoin pursuant to s. 17.573, and the res t 167
of the funds placed in the qualified public depositories 168
described in subparagraph 1 . 169
(b) In the event money is available for interest -bearing 170
time deposits or savings accounts as provided herein and 171
qualified public depositories are unwilling to accep t such money 172
and pay thereon the rates established above, then such money 173
which qualified public depositories are unwilling to accept 174
shall be invested in: 175
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1.(a) Direct United States Treasury obligations. 176
2.(b) Obligations of the Federal Farm Credit Ba nks. 177
3.(c) Obligations of the Federal Home Loan Bank and its 178
district banks. 179
4.(d) Obligations of the Federal Home Loan Mortgage 180
Corporation, including participation certificates. 181
5.(e) Obligations guaranteed by the Government National 182
Mortgage Association. 183
6.(f) Obligations of the Federal National Mortgage 184
Association. 185
7.(g) Commercial paper of prime quality of the highest 186
letter and numerical rating as provided for by at least one 187
nationally recognized rating service. 188
8.(h) Time drafts or bills of exchange drawn on and 189
accepted by a commercial bank, otherwise known as "bankers 190
acceptances," which are accepted by a member bank of the Federal 191
Reserve System having total deposits of not less than $400 192
million or which are accepted by a commercial bank which is not 193
a member of the Federal Reserve System with deposits of not less 194
than $400 million and which is licensed by a state government or 195
the Federal Government, and whose senior debt issues are rated 196
in one of the two highest rating categories b y a nationally 197
recognized rating service and which are held in custody by a 198
domestic bank which is a member of the Federal Reserve System. 199
9.(i) Corporate obligations or corporate master notes of 200
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
any corporation within the United States, if the long -term 201
obligations of such corporation are rated by at least two 202
nationally recognized rating services in any one of the four 203
highest classifications. However, if such obligations are rated 204
by only one nationally recognized rating service, then the 205
obligations shall be rated in any one of the two highest 206
classifications. 207
10.(j) Obligations of the Student Loan Marketing 208
Association. 209
11.(k) Obligations of the Resolution Funding Corporation. 210
12.(l) Mortgage-backed securities of the highest credit 211
quality. 212
13.(m) Asset-backed securities rated by at least two 213
nationally recognized rating services in any one of the three 214
highest classifications. However, if such obligations are rated 215
by only one nationally recognized rating service, the 216
obligations must be rated in any one of the two highest 217
classifications. 218
14.(n) Any obligations not previously listed which are 219
guaranteed as to principal and interest by the full faith and 220
credit of the United States Government or are obligations of 221
United States agencies or in strumentalities which are rated in 222
the highest category by a nationally recognized rating service. 223
15.(o) Commingled no-load investment funds or no -load 224
mutual funds in which all securities held by the funds are 225
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
authorized in this subsection. 226
16.(p) Money market mutual funds as defined and regulated 227
by the Securities and Exchange Commission. 228
17.(q) Obligations of state and local governments rated in 229
any of the four highest classifications by at least two 230
nationally recognized rating services. However, if such 231
obligations are rated by only one nationally recognized rating 232
service, then the obligations shall be rated in any one of the 233
two highest classifications. 234
18.(r) Covered put and call options on investment 235
instruments authorized in this subsectio n for the purpose of 236
hedging transactions by investment managers to mitigate risk or 237
to facilitate portfolio management. 238
19.(s) Negotiable certificates of deposit issued by 239
financial institutions whose long -term debt is rated in one of 240
the three highest categories by at least two nationally 241
recognized rating services, the investment in which shall not be 242
prohibited by any provision of chapter 280. 243
20.(t) Foreign bonds denominated in United States dollars 244
and registered with the Securities and Exchange C ommission for 245
sale in the United States, if the long -term obligations of such 246
issuers are rated by at least two nationally recognized rating 247
services in any one of the four highest classifications. 248
However, if such obligations are rated by only one nationa lly 249
recognized rating service, the obligations shall be rated in any 250
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one of the two highest classifications. 251
21.(u) Convertible debt obligations of any corporation 252
domiciled within the United States, if the convertible debt 253
issue is rated by at least two nationally recognized rating 254
services in any one of the four highest classifications. 255
However, if such obligations are rated by only one nationally 256
recognized rating service, then the obligations shall be rated 257
in any one of the two highest classification s. 258
22.(v) Securities not otherwise described in this 259
subsection. However, not more than 3 percent of the funds under 260
the control of the Chief Financial Officer shall be invested in 261
securities described in this paragraph. 262
23.(w) Derivatives of investment instruments authorized in 263
subparagraphs 1.-22 paragraphs (a)-(v). 264
24.(x) Futures and options on futures, provided the 265
instruments for such purpose are traded on a securities exchange 266
or board of trade regulated by the Securiti es and Exchange 267
Commission or the Commodity Futures Trading Commission. 268
25. Bitcoin pursuant to s. 17.573. 269
270
These investments may be in varying maturities and may be in 271
book-entry form. Investments made pursuant to this subsection 272
may be under repurchase agreement or reverse repurchase 273
agreement. The Chief Financial Officer may hire registered 274
investment advisers and other consultants to assist in 275
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
investment management and to pay fees directly from investment 276
earnings. Investment securities, proprietary i nvestment services 277
related to contracts, performance evaluation services, 278
investment-related equipment or software used directly to assist 279
investment trading or investment accounting operations including 280
bond calculators, telerates, Bloombergs, special pro gram 281
calculators, intercom systems, and software used in accounting, 282
communications, and trading, and advisory and consulting 283
contracts made under this section are exempt from the provisions 284
of chapter 287. 285
(7) In addition to the deposits authorized unde r this 286
section and notwithstanding any other provisions of law, funds 287
that are not needed to meet the disbursement needs of the state 288
may be deposited, or invested under s. 17.573 and the rest of 289
the funds which is not invested under s. 17.573 may be 290
deposited, by the Chief Financial Officer in accordance with the 291
following conditions for fund deposits: 292
(a) The funds are initially deposited in a qualified 293
public depository, as defined in s. 280.02, selected by the 294
Chief Financial Officer. 295
(b) The selected depository arranges for depositing the 296
funds in financial deposit instruments insured by: 297
1. The Federal Deposit Insurance Corporation in one or 298
more federally insured banks or savings and loan associations, 299
wherever located, for the account of the state. 300
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2. For credit unions designated as qualified public 301
depositories, the National Credit Union Share Insurance Fund. 302
(c) The full amount of the principal and accrued interest 303
of each financial deposit instrument is insured by the Federal 304
Deposit Insurance Corporation or, for credit unions designated 305
as qualified public depositories, the National Credit Union 306
Share Insurance Fund. 307
(d) The selected depository acts as custodian for the 308
state with respect to each financial deposit instrument issue d 309
for its account. 310
Section 3. Subsection (1) of section 17.61, Florida 311
Statutes, is amended to read: 312
17.61 Chief Financial Officer; powers and duties in the 313
investment of certain funds. — 314
(1) The Chief Financial Officer shall invest all general 315
revenue funds and all the trust funds and all agency funds of 316
each state agency, and of the judicial branch, as defined in s. 317
216.011, and may, upon request, invest funds of any board, 318
association, or entity created by the State Constitution or by 319
law, except for the funds required to be invested pursuant to 320
ss. 215.44-215.53, by the procedure and in the authorized 321
securities or in Bitcoin prescribed in s. 17.57; for this 322
purpose, the Chief Financial Officer may open and maintain one 323
or more demand and safekeep ing accounts in any bank or savings 324
association for the investment and reinvestment and the 325
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purchase, sale, and exchange of funds and securities in the 326
accounts. Funds in such accounts used solely for investments and 327
reinvestments shall be considered inves tment funds and not funds 328
on deposit, and such funds shall be exempt from the provisions 329
of chapter 280. In addition, the securities or investments 330
purchased or held under the provisions of this section and s. 331
17.57 may be loaned to securities dealers and banks and may be 332
registered by the Chief Financial Officer in the name of a 333
third-party nominee in order to facilitate such loans, provided 334
the loan is collateralized by cash or United States government 335
securities having a market value of at least 100 perc ent of the 336
market value of the securities loaned. The Chief Financial 337
Officer shall keep a separate account, designated by name and 338
number, of each fund. Individual transactions and totals of all 339
investments, or the share belonging to each fund, shall be 340
recorded in the accounts. 341
Section 4. Section 121.151, Florida Statutes, is amended 342
to read: 343
121.151 Investments. — 344
(1) The Board of Administration, created by authority of 345
the State Constitution, shall invest and reinvest available 346
funds of the System Trust Fund in accordance with the provisions 347
of ss. 215.44-215.53. 348
(2)(a) The Board of Administration may also invest and 349
reinvest available funds of the System Trust Fund in Bitcoin. 350
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The amount of funds that the board may invest and reinvest in 351
Bitcoin may not exceed 10 percent of the total funds. 352
(b) The Bitcoin acquired under paragraph (a) shall be 353
held: 354
1. Directly by the board through the use of a secure 355
custody solution; 356
2. On behalf of the board by a qualified custodian; or 357
3. In the form of an exchange-traded product issued by an 358
investment company registered with the Securities and Exchange 359
Commission under the Investment Company Act of 1940, as amended. 360
(c) As used in this subsection, the terms "Bitcoin," 361
"exchange-traded product," "secure custody solution," and 362
"qualified custodian" have the same meanings as in s. 17.573(1). 363
Section 5. Paragraph (f) of subsection (3) of section 364
280.03, Florida Statutes, is amended to read: 365
280.03 Public deposits to be secured; prohibitions; 366
exemptions.— 367
(3) The following are exempt from the requirements of, and 368
protection under, this chapter: 369
(f) Public deposits and investments made in accordance 370
with s. 17.57(7), s. 17.573, or s. 218.415(23). 371
Section 6. This act shall take effect July 1, 2025. 372