Florida Lawmakers Introduce Bill for State Strategic Cryptocurrency Reserve

Florida lawmakers have taken a significant step toward integrating digital assets into state finances with the introduction of a new bill aimed at creating a dedicated cryptocurrency reserve. House Bill 1039, sponsored by Republican Representative John Snyder, seeks to establish the Florida Strategic Cryptocurrency Reserve as a special fund managed outside the State Treasury. This proposal would empower the state's Chief Financial Officer to acquire, hold, and manage large-cap digital assets, marking a renewed effort to position Florida at the forefront of cryptocurrency adoption among U.S. states.

The legislation builds on growing interest in treating certain cryptocurrencies as strategic reserves, similar to traditional assets held for long-term value preservation. Filed on January 7 for the upcoming 2026 legislative session, HB 1039 serves as a companion to Senate Bill 1038, which was introduced late last year by Senator Joe Gruters. Both measures reflect a coordinated push across chambers to explore how digital assets could diversify state holdings while adhering to strict risk management guidelines.

Details of the Proposed Crypto Reserve

Under the bill, the Chief Financial Officer would assume full responsibility for administering the reserve, including decisions on purchases, sales, and the use of third-party custodians or liquidity providers. The legislation also permits the strategic application of derivatives when deemed advantageous and allows funding for administrative costs directly from the reserve's assets. Financing would come from legislative appropriations, investment returns, and any cryptocurrencies acquired through mechanisms such as forks or airdrops.

Eligibility for assets in the reserve is tightly defined to focus on established cryptocurrencies. Only those maintaining an average market cap of at least $500 billion over the prior 24 months would qualify for inclusion. At current values, Bitcoin stands as the primary asset meeting this threshold with its market cap around $1.8 trillion, while Ethereum, valued near $370 billion, would need sustained growth to become eligible in the future.

The proposal includes safeguards such as requirements for independent audits and biennial reporting to the legislature on holdings, valuations, and management activities. An advisory committee, chaired by the Chief Financial Officer and comprising experts in digital asset security and investment, would provide guidance to ensure prudent oversight. If enacted, the reserve would take effect on July 1, 2026, giving the state ample time to implement necessary structures.

This initiative represents Florida's latest attempt to incorporate cryptocurrencies into public finance following earlier proposals that did not advance. In October 2025, lawmakers introduced House Bill 183, which sought broader authority for state investments in digital assets but ultimately stalled amid debates over scope and risk. The current bills adopt a more focused approach, emphasizing high market cap assets to mitigate volatility concerns while allowing the state to participate in the evolving digital economy.

The Senate version of the companion bill has already progressed to committee referrals, including Banking and Insurance as well as Appropriations panels, indicating momentum heading into the session. Proponents view the reserve as a way to hedge against inflation and modernize state portfolios without mandating specific allocation levels. As discussions continue, the outcome could influence similar efforts in other states exploring cryptocurrency integration.

Florida's move aligns with a broader trend where select states have begun treating Bitcoin as a potential store of value for public funds. The deliberate constraints in HB 1039 aim to balance opportunity with accountability, ensuring any state involvement in cryptocurrencies follows established fiduciary standards. Lawmakers will now debate the merits during the 2026 session. The proposal would take effect on July 1, 2026 if passed.