Florida joins Bitcoin reserve race with first committee approval of HB 487

Florida has taken its first legislative step toward embracing Bitcoin as a state-held asset, joining the race led by Arizona and closely followed by New Hampshire. Florida is the latest U.S. state to make strides toward adopting Bitcoin ( BTC ) as a strategic reserve asset, as its House Bill 487 (HB 487) passed through the House Insurance and Banking Subcommittee with unanimous support on April 10 hearing . The bill , titled “Investments of Public Funds in Bitcoin,” proposes allowing Florida’s Chief Financial Officer and State Board of Administration to invest up to 10% of key public funds — including the General Revenue Fund and Budget Stabilization Fund — into Bitcoin. It outlines strict custody, security, and compliance protocols, and also enables Bitcoin held by the state to be loaned out or used in exchange-traded products. Having cleared the first of four committees, HB 487 must still pass through the Government Operations Subcommittee, the Ways & Means Committee, and the Commerce Committee before heading to the full House for a vote. If passed by the House, the bill will move to the Senate for consideration and, ultimately, the governor’s desk. You might also like: New Hampshire House passes Bitcoin reserve bill in close vote Florida’s push comes amid a wider trend across U.S. states exploring Bitcoin as a sovereign asset class. According to Bitcoin Laws, Arizona appears to be leading the legislative race. As of late March, its Senate Bills 1373 and 1025 — both related to digital asset reserves — have passed through the Senate and cleared the House Rules Committee. These bills are now headed for a full House vote. If successful, they would only require Governor Katie Hobbs ’ signature to become law, making Arizona the first state to officially adopt a Bitcoin reserve policy. Source: Bitcoin Laws Meanwhile, New Hampshire has also advanced its Bitcoin reserve bill (HB 302), which passed the full House in a 192-179 vote and is now under Senate review. The bill would allow the state treasurer to allocate up to 10% of authorized funds into Bitcoin and precious metals, but only assets with a market cap exceeding $500 billion — a threshold currently met only by Bitcoin — would qualify. You might also like: Florida bill proposes investing in Bitcoin, first hearing set for April 10

Source: crypto.news