The proposal reduces Florida’s crypto ambitions, effectively limiting eligible assets to Bitcoin and distancing it from pension exposure.
Florida lawmakers are advancing a proposal that would allow the state to create a strategic cryptocurrency reserve, narrowing earlier efforts to a framework that would effectively limit holdings to Bitcoin.
According to Florida’s legislative records, Senate Bill (SB) 1038, sponsored by Republican Senator Joe Gruters, was filed on Dec. 30 and was referred to the Appropriations Committee on Agriculture, Environment, and General Government on Wednesday, where it must clear hearings and votes before advancing to the Senate floor.
The bill would establish a Florida Strategic Cryptocurrency Reserve, managed by the state’s chief financial officer (CFO), which would allow the office to purchase, hold, manage and liquidate cryptocurrency under a standard similar to those governing public trust assets.
