No. CS/CS/HB 1039
Filed under AI & Technology.
Establishment and Administration of a State Cryptocurrency Reserve; Establishes Florida Strategic Cryptocurrency Reserve Fund as special fund assigned to SBA; provides for objective, custody, administration, & management of reserve; provides sources of reserve; authorizes Legislature to appropriate funds for deposit to credit of reserve for specified purposes; authorizes board to pay certain costs using cryptocurrency in reserve or net proceed from sale of cryptocurrency in reserve; authorizes transfer of reserve money to State Treasury; authorizes board to dispose of certain cryptocurrency received by reserve; provides requirements for cryptocurrency to be purchased for reserve; authorizes contracts with third parties for administration or management of reserve; authorizes board to use derivatives; authorizes contracts with certified public accountants for independent audits; establishes Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within board; provides for committee membership; provides duties & terms of committee members; requires board to adopt rules; requires board to provide to Legislature certain information relating to reserve.
Plain English Summary
AI-GENERATEDThe bill establishes the Florida Strategic Cryptocurrency Reserve Fund as a special fund assigned to the State Board of Administration. The board has custody of and shall administer and manage the reserve.
The reserve is funded by legislative appropriations, dedicated revenue, and cryptocurrency purchased with reserve money. The board may also retain cryptocurrency derived from forks or airdrops if approved.
The board may contract with third parties for custody, liquidity, and management. It may also use derivatives if it determines it is in the best interest of the reserve.
The board must adopt rules to administer the fund and provide annual reports to the Legislature detailing the amount and value of cryptocurrency held.
AICreates a new state special fund under the State Board of Administration to hold and manage cryptocurrency.
AIGrants the board broad discretion to buy, sell, and hold investments, including cryptocurrency and derivatives, based on a prudent investor standard.
AIRestricts the board to purchasing only cryptocurrencies with a high average market capitalization, limiting exposure to smaller or volatile assets.
AIAllows the board to outsource custody and trading to regulated third parties, subject to specific security and licensing standards.
AIRequires the board to report annually to the Legislature on the amount, value, and management actions for the cryptocurrency reserve.