Florida lawmakers push to establish a state-level Bitcoin reserve

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 has once again introduced a new bill to create a strategic cryptocurrency reserve.

HB 1039, submitted on Tuesday by Representative John Snyder, continues the efforts of two withdrawal bills from last year — HB 487 and SB 550 — which aimed to allocate up to 10% of the state’s fund to Bitcoin.

Unlike these previous projects, Snyder’s proposal stipulates that the fund exists outside the state treasury, with management entrusted to the State Chief Financial Officer.

“The Florida Strategic Cryptocurrency Reserve is established as a special fund outside the state treasury. The CFO will 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 maintain 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 leading crypto assets by market capitalization are the only assets meeting the established criteria. The bill requires that the asset maintain a market cap of at least $500 billion over the past two years.

Bitcoin currently maintains a market cap of over $1.8 trillion. 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 data, at least five projects were rejected, with several others still in progress.

Why does Florida want to participate in this competition?

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

In addition to the reserve, the bill also proposes the creation of 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 investment.

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 a request for comment.