Update On Bitcoin And Web3 Legislation In Florida
Florida's 60 day Legislative Session starts January 9th, 2024. With that date fast approaching, let's review all the Bitcoin and web3 bills we are pushing or fighting:
Here Is the List of the Bitcoin and Web3 Focused Bills We Are Pushing In Florida In 2024!
Bill 1) A Bitcoin Sales Tax Holiday
Also known as SB 0352, this bill allows Floridians to buy goods with Bitcoin with no Sales tax for two months out of the year (June and July).
Florida's State Budget is largely funded with Sales tax as we have no income tax. We want to encourage regular people to buy goods with Bitcoin. This two month sales tax holiday is just a start, in the long process of user adoption! What other taxes can we waive in the State if spent or processed with Bitcoin?
Bill 2) A Digital Gold Bill
Also known as SB 750, this allows electronic representations of gold and silver to be labeled as specie legal tender. This gives the State alternatives to Federal controlled money, and the gold and silver does not have to come from the Federal Reserve, Treasury/Mint.
The CFO of Florida can designate what they believe to be Specie Legal Tender. If digital gold and silver can be considered specie legal tender, what's the logical next step when considering what legal tender might be?
Bill 3) Virtual Currency Kiosk Bill
Also known as SB 662, the State of Florida is looking to regulate virtual currency kiosks in the State of Florida. Much like Elizabeth Warren, a lot of people still believe virtual currency itself is responsible for fraud.
This is not true. However, there is a growing amount of romance scams happening in Florida where elderly people are being scammed out of their entire life savings. These scammers happen to be using virtual currency kiosks. Kiosks in Florida already have appropriate safe guards in place, but the State of Florida would like more.
We are working with all those involved in the bill to ensure these regulations meet the goals of the State of Florida, while not being burdensome to the thriving virtual currency kiosk business here in the State. We want to both protect vulnerable populations, while keeping Florida a virtual currency kiosk friendly state.
Bill 4) Open Source Software/DAO Bill
This bill is very interesting and pushes a few boundaries. It is our belief that if you are an open source software entity, which many DAO's are, then you should not be subject to the same regulations as traditional centralized entities. Here are just a few of the bills provisions:
1)The DAO must have a governance structure and use decision making processes that are publicly identifiable and transparent.
2) The DAO’s activities must primarily relate to the development, maintenance, or support of open-source software.
3) In the event of a conflict between state law and the governance procedures of a DAO doing business in this state, the governance procedures of the DAO shall prevail and supersede conflicting laws to the extent of the conflict.
Questions For Those Reading:
What other Bitcoin or Web3 related bills would you like to see Florida Push?
Do you think the above bills will be useful for the Bitcoin or web3 space? Why or why not?
What bill could Florida pass that would make you want to move here if you haven't already?