Florida lawmakers have introduced two bills to create and manage a strategic cryptocurrency reserve.
PANews reported on December 31 that, according to Florida Politics, Florida Senator Joe Gruters has introduced legislation to authorize the state government to create and manage a cryptocurrency reserve, integrating direct investment in digital assets into a long-term financial strategy. The proposals, SB 1038 and SB 1040, would jointly establish a Florida Strategic Cryptocurrency Reserve within the Chief Financial Officer's office and create a dedicated trust fund to hold and manage the assets.
SB Bill 1040 establishes the trust fund, specifying its funding sources, including legislative appropriations, statutory income, and cryptocurrencies acquired through purchases, blockchain forks, or airdrops. Profits from non-cryptocurrency investments can also be deposited. This reserve aims to diversify the state's investment portfolio to adapt to the emerging digital economy. SB Bill 1038 authorizes current Chief Financial Officer Blaise Ingoglia to manage the fund and sets investment restrictions, allowing the CFO to purchase cryptocurrencies only if the average market value of the assets has consistently remained at least $500 billion over the past two years. These two bills, submitted Tuesday, are interdependent and will only take effect if both become law. If approved, these measures will take effect on July 1st.
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