Read the full stored bill text
Florida Senate
-
2026
CS for SB 1040
By
the Committee on Banking and Insurance; and Senator Gruters
597-02292-26 20261040c1
1 A bill to be entitled
2 An act relating to trust funds; creating s. 215.994,
3 F.S.; creating the Florida Cryptocurrency Reserve, a
4 trust fund, within the office of the Chief Financial
5 Officer; providing for the source of funds and the
6 purpose of the reserve; providing for future review
7 and termination or re-creation of the reserve;
8 providing a contingent effective date.
9
10 Be It Enacted by the Legislature of the State of Florida:
11
12 Section 1. Section 215.994, Florida Statutes, is created to
13 read:
14
215.994 Florida Strategic Cryptocurrency Reserve.—
15
(1)
The Florida Cryptocurrency Reserve is a trust fund
16
created within the office of the Chief Financial Officer.
17
(2)
The reserve shall consist of all of the following:
18
(a)
Money transferred or deposited to the credit of the
19
reserve by legislative appropriation. The Legislature may
20
appropriate funds for deposit to the credit of the reserve for
21
the purposes of:
22
1.
Investing in cryptocurrency; and
23
2.
Administering and managing all aspects of the reserve.
24
Administering the reserve includes, but
is
not limited to, being
25
responsible for and supervising the custody, consultants,
26
external managers, and software related to the implementation of
27
the reserve.
28
(b)
Revenue that the Legislature by general law dedicates
29
for deposit to the credit of the reserve.
30
(c)
Cryptocurrency purchased using money in or received by
31
the reserve, including any cryptocurrency:
32
1.
Derived from the fork of a distributed ledger; or
33
2.
Distributed pursuant to an airdrop to the state’s
34
cryptocurrency addresses.
35
(d)
Investment earnings, interest, or rewards accruing on
36
reserve moneys that are not invested in cryptocurrency, which
37
earnings, interest, or rewards may be invested as provided in s.
38
17.57.
39
(3)
The purpose of the reserve is to acquire, hold, manage,
40
and dispose of cryptocurrency and any assets authorized in this
41
section
or s.
215.993
for the benefit
of the state; to
42
strengthen the state’s financial security and resilience; to
43
diversify the state’s investment portfolio, including providing
44
a potential hedge against inflation and economic volatility; and
45
to position the state to participate in and adapt to the
46
emerging digital economy.
47
(4)
In accordance with s. 19(f)(2), Art. III of the State
48
Constitution, the
reserve
is terminated
July 1, 2030
, unless
49
terminated sooner. Before its scheduled termination, the reserve
50
shall be reviewed as provided in s. 215.3206(1) and (2).
51 Section 2. This act shall take effect on the same date that
52 SB 1038 or similar legislation takes effect, if such legislation
53 is adopted in the same legislative session or an extension
54 thereof and becomes a law.