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Florida’s Crypto Bill Gets A Second Life—But Will It Work This Time?

Florida Representative Webster Barnaby has filed House Bill 183, a reopened try and let state officers put public cash into digital property, together with Bitcoin and crypto exchange-traded merchandise.

According to the Florida Senate bill textual content, the proposal would let the Chief Financial Officer and the State Board of Administration handle investments in a spread of tokenized holdings and set guidelines for a way these holdings have to be saved.

What The Bill Would Allow

Based on reports, HB 183 would allow as much as 10% of sure public funds to be invested in “digital property” and exchange-traded merchandise.

The measure names attainable sources such because the General Revenue Fund, the Budget Stabilization Fund, and belief funds, and it might permit the Florida Retirement System Trust Fund to allocate an identical share. Reports additionally say the invoice broadens an earlier Bitcoin-only effort to cowl tokenized securities, ETFs, and even NFTs.

Safeguards And Custody Rules

According to the invoice language and summaries, the proposal doesn’t go away custody unfastened. It lays out particular holding and custody requirements, permits property to be saved by certified custodians or held via exchange-traded merchandise, and permits lending solely when collateralized and in keeping with fiduciary duties.

It would additionally require that any taxes or charges paid in crypto be transformed into US foreign money earlier than being credited to state accounts. Those measures are framed as guardrails to restrict direct threat to state coffers.

Where The Bill Came From And What Failed Before

This transfer follows an earlier effort that centered on Bitcoin and did not cross committee. Reports have disclosed that the prior proposal collapsed in June, pushing the sponsor to file a broader, rewritten invoice this month.

The new textual content is being learn as a softer, extra versatile tackle the identical concept — one which goals to offer officers totally different routes to carry publicity whereas spelling out limits.

Stablecoin Measures Filed Alongside Investment Bill

State filings present Rep. Barnaby additionally launched House Bill 175 to make clear guidelines for stablecoin issuers.

According to the invoice web page and media summaries, qualifying stablecoin issuers would wish full collateral backing in US {dollars} or Treasury securities and public audits at the least as soon as a month, and a few licensing necessities could possibly be narrowed for those who meet the requirements.

The goal seems to be creating a transparent, state-level framework for sure payment-focused stablecoins.

Featured picture from Playa Largo Ocean Residences, chart from TradingView

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