Florida Plans To Add Crypto Reserve – Following Texas, New Hampshire, And Arizona’s Lead

• Florida Senator Joe Gruters proposed two bills to establish a state-run cryptocurrency reserve and trust fund.
• SB 1038/1040 gives CFO Blaise Ingoglia oversight, restricts purchases to large-cap crypto, and permits third-party custodians.
• The reserve would include reporting obligations, an advisory committee, and a sunset clause in 2030.

Florida legislators are on the move to make their state an institutional player in digital assets, after New Hampshire, Texas, and Arizona.

Sarasota Republican Sen. Joe Gruters filed two bills that would allow Florida to create a state cryptocurrency reserve managed through broad federal banking rules and established investment funds, as well as authorizing commercial transactions in cryptocurrency. If passed, it would make Florida the fourth state to create a cryptocurrency reserve, after New Hampshire, Texas, and Arizona earlier this year.

The proposal consists of two parts: SB 1040 and SB 1038. Together, they would set up the Florida Strategic Cryptocurrency Reserve in the Office of the Chief Financial Officer and create a separate trust fund to hold and manage digital assets. 

SB 1040

SB 1040 establishes the Florida Cryptocurrency Reserve Trust Fund, which includes legislative appropriations, legal revenues, and cryptocurrency obtained through direct payments, exchanges, or blockchain forks if not sold or distributed through airdrops. Investment earnings from non-crypto assets could also be deposited in the fund. Lawmakers stated that the structure is intended to provide flexibility with continued oversight.

SB 1038

SB 1038 delegated management authority to Florida's Chief Financial Officer, Blaise Ingoglia, while establishing strict investment guidelines. The CFO would only be able to purchase cryptocurrencies that have maintained an average market capitalization of at least $500 billion over the last two years, thereby restricting exposure to large-cap tokens. This makes Bitcoin (BTC) the only cryptocurrency that meets the criterion. Bitcoin was trading at $88,344.87, up 1.4% over the past day. On Stocktwits, retail sentiment on Bitcoin was in the ‘bearish’ territory, though chatter increased from ‘low’ to ‘normal’ over the past day.

The bill will also allow the state to work with authorized third-party custodians, liquidity providers, and auditors. It would establish a five-member advisory committee headed by the CFO, who will give strategic insight. Biennial reports of reserve valuations and management actions would have to be filed with legislative leaders by the CFO.

The reserve would be subject to Florida’s sunset review process, scheduled to sunset on July 1, 2030. The sunset review in Florida requires government programs, boards, and funds to expire on a set date unless lawmakers renew them.

One bill is dependent on the other’s passage, and neither would go into effect until July 1, even if approved. The campaign is presented as a first step of a broader effort to help diversify Florida’s long-term investment portfolio for the growing digital economy.

Read also: Bitcoin, Ethereum Rise As Short Liquidations Fuel Late-Session Bounce
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