Florida reintroduces Bitcoin reserve legislation, with a new proposal seeking to establish a strategic reserve

Source: PortaldoBitcoin Original Title: Florida Legislators Renew Efforts to Launch a State Bitcoin Reserve Original Link: Less than a year ago, Florida’s attempt to establish a Bitcoin reserve ended in failure. Now, the state has introduced a new bill, again seeking to establish a cryptocurrency strategic reserve.

HB 1039, submitted on Tuesday by Representative John Snyder, is a renewed effort following two proposals—HB 487 and SB 550—that were withdrawn last year. These proposals sought to allocate up to 10% of the state’s funds to Bitcoin.

Unlike these proposals, Snyder’s bill stipulates that the fund exists outside the state treasury and is managed by the State Chief Financial Officer.

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

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

While the bill does not explicitly mention Bitcoin as the selected cryptocurrency for the proposed fund, the largest mainstream crypto asset by market cap is the only asset that meets the established criteria. The bill requires that this 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 submitted 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 proposals were rejected, with several others still under review.

Why is Florida Joining the Competition?

According to the bill, creating a reserve will enhance the state’s financial resilience, serving as protection against economic inflation and volatility, and providing 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’s 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.