Florida Bitcoin Reserve bill moves forward with unanimous vote

Florida’s Insurance and Banking Subcommittee has unanimously approved a bill to establish a state-level Bitcoin Reserve, marking a significant milestone for cryptocurrency adoption in the United States.

The bill, sponsored by Representative Webster Barnaby, faced initial scepticism due to concerns about market volatility and fiscal conservatism.

However, Barnaby successfully persuaded the committee, securing zero votes against the proposal.

“This Reserve will ensure that Florida stays on the forefront of economic policy,” Barnaby stated.

The legislation authorises the state’s Chief Financial Officer to invest public funds in Bitcoin (CRYPTO:BTC), including portions of Florida’s $185.7 billion pension fund and $116.5 billion budget surplus.

According to Samuel Armes, President of the Florida Blockchain Business Association (FBBA), allocating just 1% of these funds could create a reserve worth over $3 billion.

Armes emphasised that Florida has already invested in crypto-related assets through its pension fund, including stocks like MicroStrategy and Coinbase.

The bill also outlines provisions for holding and loaning Bitcoin within state funds and allows taxes and fees paid in Bitcoin to be transferred to the General Revenue Fund.

It exempts these investments from certain security requirements, ensuring flexibility in managing the reserve.

Florida’s leadership has been vocal in supporting cryptocurrency initiatives.

Governor Ron DeSantis, a known critic of central bank digital currencies (CBDCs), has expressed strong alignment with Bitcoin’s decentralised financial principles.

House Speaker Danny Perez and Senate President Bill Albritton have also backed the initiative.

The unanimous vote reflects growing bipartisan support for Bitcoin adoption at the state level.

As the bill heads to the legislature for further consideration, Florida positions itself as a pioneer in integrating cryptocurrency into public financial systems.

If successful, this initiative could set a precedent for other states to follow.

At the time of reporting, the Bitcoin price was $79,679.51.