PANews reported on February 8 that according to The Block, Florida Republican Senator Joe Gruters submitted a bill on Friday proposing to allow the state to invest in Bitcoin and other cryptocurrencies. According to the submitted documents, the senator suggested that Florida's chief financial officer could use public funds to "invest in Bitcoin and other digital assets for specific purposes."

Gruters’ bill outlines that the Florida CFO “shall not invest more than 10% of the total funds in any account in Bitcoin.” Some of the public funds mentioned in the bill that could be used to invest in Bitcoin include general revenue funds, budget stabilization funds, trust funds, and “all institutional funds of each state agency and the judicial branch.” The bill also proposes to “authorize the State Administrative Board Trustee to invest and reinvest available funds from the System Trust Fund in Bitcoin… and to provide that investments of public funds in Bitcoin are not subject to certain security requirements.”

Last October, Florida Chief Financial Officer Jimmy Patronis said the state held about $800 million in “crypto-related” investments. He also said the amount of money the state invested in crypto assets could increase if Trump became president.