Florida reintroduces Bitcoin reserve legislation, with a new bill seeking to establish a strategic cryptocurrency fund

Source: PortaldoBitcoin Original Title: Florida Legislators Renew Efforts to Launch a State Bitcoin Reserve Original Link: Less than a year after Florida’s attempt to establish a Bitcoin reserve failed, the state is now trying again with a new bill draft to create a strategic cryptocurrency reserve.

HB 1039, submitted this Tuesday by Representative John Snyder, follows two withdrawal attempts last year—HB 487 and SB 550—both seeking to allocate up to 10% of state funds to Bitcoin.

Unlike these previous efforts, Snyder’s proposal stipulates that the fund should exist outside the state treasury and be managed by the State Chief Financial Officer.

“The Florida Strategic Cryptocurrency Reserve is established as a special fund outside the State Treasury. The CFO shall hold custody and be responsible for managing and operating the reserve,” the bill states.

“To manage and operate the reserve, the CFO may acquire, exchange, sell, supervise, manage, or hold any type of investment that a prudent investor exercising reasonable caution, skill, and prudence would undertake,” the text continues.

While the bill does not explicitly specify Bitcoin as the selected cryptocurrency for the proposed fund, the largest market cap major crypto asset is the only one that meets the established criteria. The bill requires the asset to have maintained a market cap of at least $500 billion over the past two years.

Bitcoin currently maintains a market cap of over $1.8 trillion at current prices. The second-largest asset, Ethereum, has a market cap of approximately $377 billion.

Although many states proposed legislation last year to create Bitcoin or cryptocurrency reserves, only New Hampshire, Arizona, and Texas approved laws to establish these reserves. According to BitcoinReserveMonitor, at least five projects were rejected, while several others are still under review.

Why does Florida want to join this competition?

According to the bill, establishing a reserve will enhance the state’s financial resilience as protection against economic inflation and volatility, and provide greater financial security for Florida residents.

In addition to the reserve, the bill also proposes establishing a Cryptocurrency Reserve Advisory Committee, led by the State CFO and composed of four other members chosen by him—at least three of whom must have experience in cryptocurrency investing.

The bill states that if approved, the law will take effect on July 1, 2026. A representative from Representative John Snyder’s office did not immediately respond to Decrypt’s request for comment.