WATCH: Florida House Committee PASSES Bitcoin Reserve BillThe Insurance and Banking Committee passed HB 487 unanimously todayIncluding moving testimony from bill sponsor Rep.Webster Barnaby pic.twitter.com/myAlNvtFl9— Bitcoin Laws (@Bitcoin_Laws) April 10, 2025Similar to New Hampshire’s bill, HB487 would allow Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds — including the General Revenue Fund and the Budget Stabilization Fund — into Bitcoin.
The bill’s sponsor, Republican Representative Webster Barnaby pleaded with the Committee before the vote “to vote up on this very important bill” which he claimed would “put Florida in the leading edge of this very new technology.”Related: US federal agencies to report crypto holdings to Treasury by April 7Florida’s bill gives the state’s financial chief the ability to invest in digital assets directly, through certain qualified custodians, or through exchange-traded products and details security and custody requirements.
Source: New Hampshire House of RepresentativesIn a debate prior to the vote, Democrat Representative Terry Spahr argued that the bill is unnecessary and could undermine the future security of the state’s digital assets stockpile. “Unbeknownst to the committee and to the sponsor […] the treasurer testified that they already have that authority,” Spahr said.
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Author / Journalist: Cointelegraph by Jody McDonald
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