Florida Approves $1.5B Bitcoin Reserve Bill, Sending It to the State Legislature

The bill suggests a $1.5 billion Bitcoin Reserve, fully funded by public money. It now moves to the Florida legislature for further debate.

Florida's Insurance and Banking Subcommittee approved the Florida Bitcoin Reserve Bill without any opposition, advancing the proposal to the state legislature.

The bill, which suggests a $1.5 billion Bitcoin Reserve fully funded by public money, faced initial skepticism from Subcommittee members. Lawmakers raised concerns about the risks involved and the responsibility of handling state funds.

However, State Representative Webster Barnaby, the sponsor of the bill, addressed the early worries and defended the plan during the hearing. He said the Bitcoin Reserve bill served strategic long-term goals, which may sway the room.

Out of the seven members present, all voted in favor of the bill, while one member did not vote due to absence or abstention. This is the first instance of a Bitcoin Reserve bill passing a state House committee without a single vote against it.

The result also showcases a rare bipartisan agreement on crypto-related policymaking. Usually, there is stronger resistance from specific parties, but in this case, both Democrats and Republicans present voted in favor of the Florida BTC reserve plan.

This bill has been met with interest due to its size. If approved, the $1.5 billion Bitcoin Reserve would be among the largest state-backed cryptocurrency reserves in the U.S. In comparison, Arizona has two Bitcoin bills awaiting a Senate decision, while Montana and Wyoming saw their Bitcoin bills get rejected at earlier stages.

The Florida Bitcoin bill is still at an early stage, and its approval is uncertain. However, it now proceeds with stronger momentum after the House committee vote. The next step will be the state legislature's vote on the proposal.

More than 30 U.S. states have been seen introducing or reviewing similar bills in recent months. These proposals aim to build state-level reserves of Bitcoin using public funds, which are usually meant to serve as a financial buffer and not for currency use.

The proposals vary in size and structure, but they generally suggest allocating a portion of the state's treasury to buying and holding Bitcoin. The proposals have also faced varying levels of interest and difficulties in passing through different stages of the legislative process.