United States of crypto. American states continue to embark on the race for Bitcoin reserves, in the wake of that decided by the federal administration last March. Several States are making progress on the subject, everyone at their own paceand it is now Florida which has just tabled a bill. On the program, the possibility for this State to invest up to 10% of its public funds in “digital assets”.
The key points of this article:Florida has introduced a bill allowing up to 10% of its public funds to be invested in digital assets.
Only Arizona, New Hampshire and Texas have succeeded in passing similar laws, despite numerous bills filed elsewhere.
Florida wants to invest in “digital assets”
THE US States are clearly determined to ride the trend pro-crypto initiated by Donald Trump. However, the results are not necessarily there. Because in fact, only Arizona, New Hampshire and Texas succeeded in passing their bill. This lack of success does not prevent legislators premises to continue to offer bills in the field, as in Floridawhere we will soon debate a text on the subject. The goal of this House Bill 183? Allow the State to invest up to 10% of its public funds in the “digital assets”. This is in order to take advantage of their status as store of value and hedge against inflation:
“The bill would authorize the state’s chief financial officer to invest up to 10 percent of money in certain state funds – including the general revenue fund, the budget stabilization fund and various trust funds – in “digital assets” and exchange-traded products. »
Excerpt from House Bill 183 – Source: Florida Senate
Florida joins the race for bitcoin reserves – Source: Bitcoin Laws
Up to 10% of public funds in Bitcoin and cryptos
This bill also concerns the Florida Retirement System Trust Fund. It would allow state residents to pay certain taxes and fees in cryptocurrencies, with a maximum exposure rate set again at 10%. The digital assets affected by this proposed law include Bitcoin, but also tokenized securities and NFTs. Finally, these digital funds must be held by the financial director, a qualified depositary or through a SEC Registered ETF. For the founder of the American site Bitcoin Laws, which follows the progress of the different bills in the country, there are good reasons to hope to see state reserves in the near future:
“More than 50 reservation bills have been introduced across the country this year. I expect this number to increase in the next session. »
Julian Driver, fondateur du site Bitcoin Laws – Source: The Block
Florida thus joins the long list of American states that wish to adopt cryptocurrencies as a financial tool, but in Florida as in Massachusetts, it will be necessary to succeed to convince recalcitrant or poorly informed parliamentarians, or both.