Florida Proposes Strategic Cryptocurrency Reserve Focused on Bitcoin
- Florida Senate Bill (SB) 1038 aims to establish a Florida Strategic Cryptocurrency Reserve, primarily allowing investments in Bitcoin.
- The bill requires that eligible cryptocurrencies maintain an average market cap of at least $500 billion over the past two years.
- SB 1038 is sponsored by Republican Senator Joe Gruters and has been referred to the Appropriations Committee for further hearings.
- The proposal eliminates pension fund investments and places oversight under the state’s chief financial officer (CFO).
- A companion House measure, HB 1039, has also been filed to support this initiative.
This legislative effort marks a shift from previous attempts that sought broader digital asset investments, focusing solely on Bitcoin. If passed, the CFO would report on the reserve’s status starting December of the following year.
The proposed legislation emphasizes a narrow focus on Bitcoin while establishing a structured reserve managed by state officials. This aligns with similar frameworks adopted in other states like New Hampshire and Texas. (Source)
