In Florida, discussions continue regarding the role of digital assets in managing state finances. Against the backdrop of growing interest in cryptocurrencies, the state is considering the possibility of creating its own Bitcoin reserve. The initiative is based on Senate Bill SB 1038, which proposes a structured model for managing digital assets.

What the Bill Proposes

SB 1038 provides for the creation of a separate Strategic Cryptocurrency Reserve. It will not be linked to existing state funds and will be managed by the state’s Chief Financial Officer. This approach allows the establishment of independent rules for custody and reporting, without mixing digital assets with the state’s traditional investments.

The bill sets a specific criterion for asset selection: the average market capitalization must be at least $500 billion. At present, only Bitcoin meets this requirement, making it the core asset of the reserve.

How the Reserve Will Be Managed

To oversee the reserve, the bill proposes the creation of an advisory committee. It will monitor compliance with established rules, assess risks, and verify the accuracy of reporting. This system is intended to ensure greater transparency and reduce the likelihood of errors in managing digital assets.

Background and Alternative Proposals

Attempts to integrate cryptocurrencies into state finances have been made in Florida before. In 2025, broader projects were considered that would have allowed part of state funds to be invested in digital assets; however, these initiatives did not pass committee review.

In the 2026 session, another bill is being considered, allowing up to 10% of certain state and local funds to be invested in digital assets and related financial products. In contrast, SB 1038 follows a narrower and more conservative approach - establishing a separate reserve solely for Bitcoin.

Why the State Needs Such a Reserve

Supporters of SB 1038 believe that a Bitcoin reserve could serve as an additional tool to diversify the state’s assets and partially protect them from inflation. If the bill is adopted, Florida would join the group of states where digital assets are already part of financial decision-making, including Texas, Arizona, Wyoming, and New Hampshire.

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