Bitcoin price Even though it decreased again due to the upcoming developments this week, it maintains 90 thousand dollars. We have just witnessed the proposed legislation in the state of Florida that we have not seen in a while. Many states took similar steps after Trump took office, but we did not see any progress in these for a long time.
Cryptocurrency Reserve Act
The bill, introduced by Florida Representative John Snyder, is statewide. cryptocurrency reserve envisages the creation of . Snyder, a member of the Republican Party, has now taken a step in line with the stance of his party, which has taken a crypto-friendly position with Trump taking office. Florida The Representative, who wanted to create this reserve in order to increase financial resilience in his state and adapt to the digital economy, officially started the process.
This fund, which will be managed by the State Chief Financial Officer (CFO) and will function as a protection shield against inflation, allows investing in assets worth over half a trillion dollars in the last 2 years. Of course, the only asset that meets this condition is BTC. If ETH can rise from $388 billion and exceed the $500 billion threshold and stay above it for 2 years, it can also be included in the fund.
The summary of the law announcement is as follows:
“Establishes the Florida Strategic Cryptocurrency Reserve as a special fund outside the State Treasury; provides reserve resources; provides for the management and administration of the reserve; authorizes the CFO to pay certain costs using the cryptocurrency in the reserve or the net proceeds from the sale of cryptocurrency in the reserve; authorizes the deposit of funds in the reserve; authorizes the transfer of reserve funds to the State Treasury under certain conditions; establishes the requirements for the cryptocurrency to be purchased for the reserve; authorizes contracting with third parties for the administration and management of the reserve; authorizes the CFO to contract with third parties for the administration and management of the reserve, under certain conditions.” authorizes the use of derivatives; authorizes the contracting of certified public accountants for independent audits; authorizes temporary transfers of funds from the reserve for certain purposes; establishes the Florida Strategic Cryptocurrency Reserve Advisory Committee within the Department of Comptroller. Source
