Florida lawmakers have advanced a proposal to allow the state create a reserve of strategic cryptocurrencies. Previous efforts were limited to a framework which would limit Bitcoin to be held.
According Florida’s Legislative Records show that Senate Bill (SB), sponsored by Republican senator Joe Gruters was submitted on Dec. 30, and referred Wednesday to Appropriations, Agriculture, Environment and General Government Committee, where it will be subject to hearings, votes and other procedures before being advanced to Senate floor.
The bill creates the Florida Strategic Cryptocurrency Reserve. It is administered by the Chief Financial Officer (CFO) of Florida. Under the law, the CFO can purchase, store, manage, and liquidate crypto under standards similar to those that govern public trust assets.
Bitcoin has been mentioned, but not in explicit terms.BTC), it restricts eligible purchases to crypto that maintained an average market cap of at least $500 billion in the last two years, a threshold that only Bitcoin meets.
A Senate-led attempt after broader efforts stalled
Florida’s initial attempts at allowing state crypto investment to proceed are now a distant memory. The Senate has re-drafted its proposal and it is radically different.
Webster Barnaby will be the Republican Party’s Representative on October 17, 2025. filed House Bill (HB) 183The bill, which was passed in December, allowed the government and some public institutions to invest 10% of their money into a wide range of digital products, such as Bitcoin, Crypto Exchange-Traded Products (ETPs), Crypto Securities, Non-Fungible Tokens (NFTs), and other Blockchain-based products.
HB 183 is a revised version HB 488, which was withdrawn from a House Operations Subcommittee in June, after it failed to pass. Barnaby’s revised proposal included stricter documentation, fiduciary and custody standards. However, lawmakers were not happy with the wide asset scope, and possible exposure of trust and pension funds.
The SB 1038 completely removes retirement and pension funds and gives the CFO direct oversight through an independent reserve structure.
The market cap eligibility rule mirrors The state of New Hampshire, Texas and other states have adopted more restrictive Bitcoin reserves frameworks for 2025.
Related: Bitcoin faces ‘boring sideways’ grind in coming months: CryptoQuant CEO
Next steps in the legislative procedure
SB 1038 will only take effect if a companion bill is passed that sets up the required trust funds for the reserve. The bill cannot be implemented unless it is accompanied by related bills that are also passed in the same legislative period.
HB 1039 was a companion House measure. filedSignaling coordinated Senate-House backing
The CFO will be required to report to the legislative leaders, starting December 2026 on the holdings of the Reserve, its value, and the management measures.
The success of the Bitcoin proposal will be determined by whether legislators view its narrower structure, which is more focused on Bitcoin, as being sufficiently different from previous efforts that have failed to gain momentum.
Magazine: Big questions: Would Bitcoin survive a 10-year power outage?
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
