summary
Introduced
12/30/2025
12/30/2025
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An act relating to the Florida Strategic Cryptocurrency Reserve; creating s. 215.991, F.S.; providing a short title; creating s. 215.992, F.S.; defining terms; creating s. 215.993, F.S.; authorizing the Chief Financial Officer to take certain actions in administering and managing the Florida Strategic Cryptocurrency Reserve; requiring the Chief Financial Officer to exercise judgment and care in a specified manner in administering and managing the reserve; authorizing payment of the reasonable cost of administering and managing the reserve from a specified source; authorizing the Chief Financial Officer to purchase cryptocurrency for the reserve only if a specified condition is met; authorizing the Chief Financial Officer to contract with certain third-party entities; authorizing the Chief Financial Officer to invest in derivative instruments of cryptocurrency under certain circumstances; specifying that money in the reserve may be used only for a specified purpose; authorizing the Chief Financial Officer to liquidate assets of the reserve and temporarily transfer the resulting moneys under certain circumstances; requiring that such moneys be returned as soon as practicable and in a specified manner; creating the Florida Strategic Cryptocurrency Reserve Advisory Committee for a specified purpose; specifying the composition of the committee; specifying matters the committee must advise on; specifying that members serve without compensation but may be reimbursed for certain expenses; specifying that members of the committee serve at the pleasure of the Chief Financial Officer; requiring, beginning on a specified date and biennially thereafter, the Chief Financial Officer to submit a report to the Legislature; specifying requirements for the report; requiring the Chief Financial Officer to liquidate assets of the reserve and transfer moneys to the General Revenue Fund upon the termination of the reserve; requiring the Chief Financial Officer to adopt rules; providing a contingent effective date.
AI Summary
This bill establishes the Florida Strategic Cryptocurrency Reserve, allowing the Chief Financial Officer (CFO) to manage and invest in cryptocurrency, which is defined as a virtual currency not issued by a central authority and secured by encryption. The CFO must act with the prudence of a "prudent investor," considering the reserve as a whole, and can use funds from the reserve to cover administrative costs. Purchases of cryptocurrency are only permitted if the cryptocurrency has maintained an average market capitalization of at least $500 billion over the preceding 24 months. The CFO can hire third-party entities for secure custody solutions, audits, and to act as qualified custodians (regulated entities holding virtual currencies for clients) or qualified liquidity providers (experienced entities facilitating digital asset trading). The CFO may also invest in cryptocurrency derivatives if deemed in the state's best interest. Funds in the reserve can only be used for authorized investments, temporary cash management under specific circumstances (requiring prompt return with interest), or administrative costs. An advisory committee, composed of the CFO and four appointed members with expertise in cryptocurrency investments and digital asset security, will advise on asset valuation, investment policies, and custody practices. The CFO must report to the Legislature biennially, starting December 31, 2026, detailing the reserve's holdings and management actions. Upon termination of the reserve, any remaining assets will be transferred to the General Revenue Fund, and the CFO is required to adopt necessary rules. This act takes effect on July 1, 2026, contingent on the passage of similar legislation.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Banking and Insurance (Senate)
Last Action
CS by Banking and Insurance read 1st time (on 02/04/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2026/1038 |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1038/BillText/c1/HTML |
| Analysis - Banking and Insurance (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1038/Analyses/2026s01038.bi.PDF |
| https://www.flsenate.gov/Session/Bill/2026/1038/Amendment/152950/HTML | |
| Analysis - Banking and Insurance (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1038/Analyses/2026s01038.pre.bi.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1038/BillText/Filed/HTML |
Loading...