Florida Republican Senator Joe Gruters filed a bill on Friday proposing that the be allowed to state invest in bitcoin and other cryptocurrencies.
In the bill, the senator suggests Florida's chief financial officer be allowed to use public funds to "make investments in bitcoin and other digital assets for a certain purpose," according to the filing.
Last October, Florida’s Chief Financial Officer Jimmy Patronis said the state held about $800 million in “crypto-related” investments. He also said the amount of state funds invested in crypto could grow if Donald Trump became president. Trump took office last month after winning the election in November.
The U.S. government investing in bitcoin, specifically a strategic reserve, has been a hot topic of conversation since Trump mentioned the possibility when on the campaign trail last year.
Gruters's bill outlines that Florida's CFO's investments "in Bitcoin may not exceed 10% of the total funds in any account."
Some of the sources of public funds referenced in the bill, from which capital can be allocated into bitcoin, include the General Revenue Fund, the Budget Stabilization Fund, trust funds "and all agency funds of each state agency and of the judicial branch."
The bill also proposes "authorizing the Trustees of the State Board of Administration to invest and reinvest available funds of the System Trust Fund in Bitcoin ... providing that investments of public funds in Bitcoin are exempt from certain security requirements."
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