Florida Revives Bitcoin Crypto Reserve Bill After Earlier Pushback

Florida lawmakers are advancing Senate Bill (SB) 1038, sponsored by Senator Joe Gruters, which aims to establish a Florida Strategic Cryptocurrency Reserve managed by the state's Chief Financial Officer (CFO). This new proposal significantly narrows previous, broader efforts to allow state investment in various digital assets. The current bill restricts eligible purchases to cryptocurrencies that maintained an average market cap of at least $500 billion over the last two years, a threshold currently met only by Bitcoin. This approach contrasts with an earlier House Bill (HB) 183, which proposed allowing investments up to 10% in a wide range of assets like NFTs and ETPs, but faced pushback due to asset scope and potential exposure of pension funds. SB 1038 explicitly removes pension and retirement funds and mirrors frameworks adopted by states like New Hampshire and Texas. The bill is contingent on companion legislation (HB 1039) establishing the necessary trust-fund mechanics, and if enacted, the CFO must report on the reserve's holdings starting in December 2026.

(Source：Cointelegraph)