No. CS/SB 1040
Filed under AI & Technology.
Trust Funds/Florida Cryptocurrency Reserve; Creating the Florida Cryptocurrency Reserve, a trust fund, within the office of the Chief Financial Officer; providing for the source of funds and the purpose of the reserve; providing for future review and termination or re-creation of the reserve, etc.
Plain English Summary
AI-GENERATEDThe bill creates a new state trust fund called the Florida Cryptocurrency Reserve within the Chief Financial Officer's office. It will hold money, cryptocurrency, and investment earnings.
The reserve's stated purpose is to acquire, hold, and manage cryptocurrency to strengthen the state's financial security and diversify its investment portfolio.
The fund is legally required to terminate on July 1, 2030, unless the Legislature ends it sooner. It must undergo a review before that date.
The bill only takes effect if a separate, related bill (SB 1038) is also passed and becomes law in the same session.
AIEstablishes a new trust fund within the CFO's office that the state may use to buy and hold cryptocurrency.
AIThe fund is financed by legislative appropriations and dedicated revenue, and may hold cryptocurrency, forked assets, airdrops, and investment earnings.
AIThe fund exists to acquire, hold, manage, and dispose of cryptocurrency to strengthen state financial security and diversify the investment portfolio.
AIThe fund automatically ends on July 1, 2030, unless the Legislature terminates it sooner, and must be reviewed before that date.