Florida lawmakers are preparing to propose a new bill to introduce a state-run Strategic Bitcoin Reserve (SBR), reigniting an effort that was previously halted. They proposed a Senate Bill 1038 to establish and manage a state Bitcoin-only reserve to protect residents against inflation and provide balanced economic security. The proposed bill is limited to Bitcoin and is likely to proceed without considering other major cryptocurrencies. The Senate Bill 1038, proposed by Republican Rep. John Snyder, for the 2026 legislative session, enables the state to invest in Bitcoin under certain risk control measures. If the bill is passed, Florida will advance in the digital asset legislation and join other states such as New Hampshire and Texas.
On January 8, the bill was referred to the Appropriations Committee on Agriculture, Environment, and General Government, where it needs to clear hearings and votes before advancing to the Senate floor. According to the latest information, the proposal filed by the lawmakers is set to be reviewed in the 2026 legislative session. The bill will not come into effect until the related measures are instructed in the mentioned legislative session.
Chief Financial Officer Jimmy Patronis welcomed the initiative and described Bitcoin as “digital gold.” Florida State Senator Joe Gruters, a well-known ally of Donald Trump, has also praised the effort from the Republican Rep. John Snyder. He also shared the growing importance of Bitcoin in the modern-day finance sector and how it could act as a potential hedge.
Recently, States like New Hampshire, Texas, and Wyoming have all advanced digital asset legislation to create regulatory clarity and clarify the legal status of digital assets. Florida is also moving in that direction.
Florida Bill Launches Strategic Crypto Reserve for Economic Security
The proposed bill summarizes that the Florida Strategic Cryptocurrency Reserve is introduced as a special fund outside the State Treasury. Its primary aim will be to enhance the state’s financial resilience and security. According to the filing, the proposed reserve will consist of funds from legislative appropriations, dedicated revenue, cryptocurrency purchases, and investment earnings. The Chief Financial Officer (CFO) will guide the reserve and oversee its operational management. The bill states that the CFO will have the authority to acquire, manage, and invest in cryptocurrencies, ensuring prudent investment practices. He can also rely on third-party entities for secure custody solutions, liquidity provision, and independent audits, enhancing operational efficiency and security.
The bill also instructs the CFO to publish a biennial report explaining the reserve’s bitcoin holdings, estimated value, and all the management actions. The CFO needs to adopt necessary rules and regulations for the reserve’s administration as well. The proposed bill concluded by stating that cryptocurrencies are assets with strategic potential to enhance the state’s financial resilience and position Florida for the future digital economy. It explained that such assets could serve as a hedge against inflation and economic volatility, and that establishing a cryptocurrency reserve would serve a public purpose by providing enhanced financial security to the residents of the state. It then declared that, therefore, it was enacted by the Legislature of the State of Florida.
