• Florida’s SB 1038 proposes a “Strategic Cryptocurrency Reserve” to carry Bitcoin, managed individually from normal state funds by the Chief Monetary Officer.
  • The invoice restricts purchases to belongings with a $500 billion common market cap, successfully making Bitcoin the one eligible cryptocurrency for the state’s treasury.
  • Not like failed 2025 efforts to put money into pension funds, this slim plan establishes a devoted advisory committee and strict custody guidelines to diversify Florida’s holdings.

Florida is contemplating a invoice to arrange a state-controlled Bitcoin reserve. It could be run by the state’s Chief Monetary Officer (CFO) and saved separate from the conventional state funds, with its personal storage and reporting guidelines.

The Senate Bill SB 1038 successfully permits solely Bitcoin as a result of it requires a really massive market measurement. Supporters say it may assist defend towards inflation and diversify the state’s holdings. 

If this one passes, Florida could be amongst a small group of states shifting towards holding crypto in public funds, together with New Hampshire, Texas, Arizona, and Wyoming.

Learn extra: SCI Reprieve Lifts Strategy Shares, Keeps Crypto Treasury Firms in Indexes

A New Try

Florida has tried related concepts earlier than. Broader payments within the 2025 session that will have allowed elements of public funds to be invested in BTC stalled and died in committee, and one other pending Home proposal for 2026 would enable as much as 10% of sure funds to enter digital belongings and associated merchandise. 

As an alternative of spreading crypto publicity throughout present state funds, the measure creates a separate “Florida Strategic Cryptocurrency Reserve.” It units particular custody requirements, requires common reporting, and requires an advisory committee to supervise how the reserve is run.

A unique invoice already filed for 2026 by Rep. Webster Barnaby would take a a lot wider strategy, permitting as much as 10% of sure state and native funds to be allotted to digital belongings and exchange-traded merchandise, together with areas that contact pensions and a number of belief funds. Gruters’ plan is narrower, maintaining any Bitcoin publicity inside a devoted reserve.

Learn extra: TD Cowen Warns Midterms Could Stall Crypto Market Structure Push

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