Bill
Bill > H1039
summary
Introduced
01/06/2026
01/06/2026
In Committee
03/02/2026
03/02/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An act relating to the establishment and administration of a state cryptocurrency reserve; creating s. 215.987, F.S.; providing definitions; establishing the Florida Strategic Cryptocurrency Reserve Fund as a special fund assigned to the State Board of Administration; providing the objective of the reserve; providing for the custody, administration, and management of the reserve; providing sources of the reserve; authorizing the Legislature to appropriate funds for deposit to the credit of the reserve for specified purposes; authorizing the board to pay certain costs using the cryptocurrency in the reserve or the net proceed from the sale of cryptocurrency in the reserve; authorizing transfer of the reserve money to the State Treasury under certain circumstances; authorizing the board to dispose of certain cryptocurrency received by the reserve; providing requirements for cryptocurrency to be purchased for the reserve; authorizing contracts with third parties for the administration or management of the reserve; authorizing the board to use derivatives under certain circumstances; authorizing contracts with certified public accountants for independent audits; establishing the Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within the board; providing for committee membership; providing duties and terms of committee members; providing construction; requiring the board to adopt rules; amending s. 215.44, F.S.; requiring the board to provide to the Legislature certain information relating to the reserve; providing an effective date.
AI Summary
This bill establishes the Florida Strategic Cryptocurrency Reserve Fund, managed by the State Board of Administration (the "board"), to enhance the state's financial resilience and prepare for the digital economy, viewing cryptocurrencies as assets that can hedge against inflation and economic volatility. The fund will be a special fund, with its objective being to grow as much as possible for the state's long-term financial sovereignty, and it can be funded through legislative appropriations, dedicated revenue, and investment earnings. The board will have custody and administer the reserve, which can include cryptocurrency purchased with fund money, cryptocurrency received from forks (changes to a digital ledger system that can create new cryptocurrencies) or airdrops (free distributions of cryptocurrency), and investment earnings. To be purchased for the reserve, a cryptocurrency must have an average market capitalization of at least $100 billion over the preceding 12 months. The board can contract with third parties for administration and management, including providers of secure custody solutions (which involve strict controls over private keys, the unique cryptographic data used for signing transactions), qualified custodians (regulated financial institutions holding virtual currencies), and qualified liquidity providers to facilitate trading. The board is also authorized to use derivatives and contract with certified public accountants for independent audits. An advisory committee, composed of the board's executive director and members with expertise in cryptocurrency investments and digital asset security, will advise the board on reserve management, valuation, investment policies, and custody and security. The bill also requires the board to report specific information about the cryptocurrency reserve to the Legislature annually, and it takes effect on January 1, 2027.
Committee Categories
Business and Industry
Sponsors (3)
Other Sponsors (2)
Commerce Committee (House), Insurance & Banking Subcommittee (House)
Last Action
Added to Second Reading Calendar (on 03/02/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2026/1039 |
| Analysis - Commerce Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1039/Analyses/h1039c.COM.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1039/BillText/c2/PDF |
| Analysis - Commerce Committee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1039/Analyses/h1039b.COM.PDF |
| Analysis - Insurance & Banking Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1039/Analyses/h1039a.IBS.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1039/BillText/c1/PDF |
| https://www.flsenate.gov/Session/Bill/2026/1039/Amendment/475123/PDF | |
| Analysis - Insurance & Banking Subcommittee (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2026/1039/Analyses/h1039.IBS.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2026/1039/BillText/Filed/PDF |
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