Florida is again with one other try to put Bitcoin on the state’s steadiness sheet. The brand new invoice, HB 183, revives final yr’s failed effort however with sharper tooth and broader attain.
It as soon as once more units a ceiling of 10% of sure state funds that might be allotted to digital property, together with Bitcoin and controlled ETFs. However the place the 2025 invoice was principally an aspirational gesture, this one reads like a working blueprint.
It spells out how custody would work, who will get to make the calls, and even what occurs if the state loses management of its personal keys.
The invoice runs lengthy and detailed, and for good cause: HB 183 is supposed to indicate that Florida can truly maintain crypto in a manner that passes audit.
It defines digital property to incorporate Bitcoin, tokenized securities, and different cryptographically recorded devices below Florida’s digital document legal guidelines. It additionally opens the door to exchange-traded merchandise that maintain digital property alongside shares or commodities.
That enlargement means the state isn’t solely speaking about stacking Bitcoin. It’s positioning itself to personal publicity by way of SEC-registered ETFs and even tokenized securities, so long as they meet custody and disclosure requirements.
The invoice designates the Chief Monetary Officer because the central actor. The CFO might allocate as much as 10% of every state fund account, from Basic Income to belief and company funds, into accredited crypto or ETF devices.
The identical ceiling applies to the pension system, the place the State Board of Administration might make investments as much as 10% of the Florida Retirement System Belief Fund. These limits mirror final yr’s invoice however make clear that the cap applies per account, to not all funds collectively, successfully widening the potential pool.
None of it’s necessary, as these are ceilings, not quotas, however the authorized authorization is sweeping sufficient to matter.
Custody and management guidelines have been tightened. Any digital asset the state buys should stay below steady management, both held immediately by the CFO or by way of a certified custodian that may legally excellent a safety curiosity. If that management lapses, the state has 5 enterprise days to repair it.
Lending is allowed however provided that the loans are totally collateralized, with the CFO free to require overcollateralization by rule. These are the form of operational guardrails designed to reply the query that killed the primary invoice: how do you safe a public treasury’s personal keys?
HB 183 even accounts for taxes or charges acquired in crypto, requiring them to be swept into Basic Income and reimbursed in {dollars}, a small however telling signal that drafters are excited about accounting friction as a lot as ideology.
The size and the stakes
The numbers behind the ten% determine make the invoice greater than symbolic. The Florida Retirement System holds about $218 billion.
A 1% allocation there would equal roughly $2.2 billion, already greater than most day by day spot Bitcoin ETF flows.
A 5% allocation would method $11 billion, and that’s earlier than counting different state funds just like the $4.9 billion Funds Stabilization Fund, which might theoretically add lots of of thousands and thousands extra.
None of those strikes would occur in a single day, however even a cautious 1% pilot would introduce a brand new supply of regular demand right into a market that now depends closely on ETFs for inflows.
The authorized and political obstacles stay steep. The invoice exempts crypto holdings from a number of the state’s public-deposit safety guidelines, however that doesn’t resolve the bigger problem of volatility and fiduciary danger. Public funds are constructed on liquidity and predictability; Bitcoin is neither.
The five-day remedy clause for custody lapses might look tidy on paper, however it’s untested in public-sector apply. Auditors will need proof that Florida can doc and worth these holdings as rigorously as its Treasuries or equities.
There’s additionally the query of timing: even when the invoice passes, every funding board nonetheless must amend its personal coverage statements earlier than touching crypto.
HB 183, briefly, isn’t a declaration that Florida will purchase Bitcoin, however that Florida desires to make it legally attainable to take action. It broadens the scope from one asset to a complete class, builds in management mechanisms, and units the stage for cautious participation quite than speculative bets.
The ten% quantity grabs consideration, however the true story lies within the state’s try to jot down down a authorized playbook for sovereign crypto custody.
If that framework survives scrutiny and beneficial properties traction, it might turn out to be the primary mannequin of its type within the US: a quiet however profound shift in how governments take into consideration holding digital property, one statute at a time.
