Florida SB 1038: Florida Strategic Cryptocurrency Reserve

Bill Text

1038 
Florida Strategic Cryptocurrency Reserve 
2026-01-29T09:20:30Z 
Creating the “Florida Strategic Cryptocurrency Reserve Act”; authorizing the Chief Financial Officer to take certain actions in administering and managing the Florida Strategic Cryptocurrency Reserve; authorizing payment of the reasonable cost of administering and managing the reserve from a specified source; authorizing the Chief Financial Officer to purchase cryptocurrency for the reserve only if a specified condition is met; creating the Florida Strategic Cryptocurrency Reserve Advisory Committee for a specified purpose, etc. 
Committee Substitute 1 
2026 
S 
GB 
General Bill 
c1 

 Florida Senate - 2026 CS for SB 1038 

 By the Committee on Banking and Insurance; and Senator Gruters 

 597-02291-26 20261038c1 
 1 A bill to be entitled 
 2 An act relating to the Florida Strategic 
 3 Cryptocurrency Reserve; creating s. 215.991, F.S.; 
 4 providing a short title; creating s. 215.992, F.S.; 
 5 defining terms; creating s. 215.993, F.S.; authorizing 
 6 the Chief Financial Officer to take certain actions in 
 7 administering and managing the Florida Strategic 
 8 Cryptocurrency Reserve; requiring the Chief Financial 
 9 Officer to exercise judgment and care in a specified 
 10 manner in administering and managing the reserve; 
 11 authorizing payment of the reasonable cost of 
 12 administering and managing the reserve from a 
 13 specified source; authorizing the Chief Financial 
 14 Officer to purchase cryptocurrency for the reserve 
 15 only if a specified condition is met; authorizing the 
 16 Chief Financial Officer to contract with certain 
 17 third-party entities; authorizing the Chief Financial 
 18 Officer to invest in derivative instruments of 
 19 cryptocurrency under certain circumstances; specifying 
 20 that money in the reserve may be used only for a 
 21 specified purpose; authorizing the Chief Financial 
 22 Officer to liquidate assets of the reserve and 
 23 temporarily transfer the resulting moneys under 
 24 certain circumstances; requiring that such moneys be 
 25 returned as soon as practicable and in a specified 
 26 manner; creating the Florida Strategic Cryptocurrency 
 27 Reserve Advisory Committee for a specified purpose; 
 28 specifying the composition of the committee; 
 29 specifying matters the committee must advise on; 
 30 specifying that members serve without compensation but 
 31 may be reimbursed for certain expenses; specifying 
 32 that members of the committee serve at the pleasure of 
 33 the Chief Financial Officer; requiring, beginning on a 
 34 specified date and biennially thereafter, the Chief 
 35 Financial Officer to submit a report to the 
 36 Legislature; specifying requirements for the report; 
 37 requiring the Chief Financial Officer to liquidate 
 38 assets of the reserve and transfer moneys to the 
 39 General Revenue Fund upon the termination of the 
 40 reserve; requiring the Chief Financial Officer to 
 41 adopt rules; providing a contingent effective date. 
 42 
 43 Be It Enacted by the Legislature of the State of Florida: 
 44 
 45 Section 1. Section 215.991, Florida Statutes, is created to 
 46 read: 
 47 215.991 Short title.—Sections 215.991-215.994 shall be 
 48 known and may be cited as the “Florida Strategic Cryptocurrency 
 49 Reserve Act.” 
 50 Section 2. Section 215.992, Florida Statutes, is created to 
 51 read: 
 52 215.992 Definitions relating to the Florida Strategic 
 53 Cryptocurrency Reserve Act.—As used in this section and ss. 
 54 215.993 and 215.994, the term: 
 55 (1) “Airdrop” means a gratuitous distribution of 
 56 cryptocurrency to users of a blockchain or protocol, generally 
 57 made in a broad, equitable, and nondiscretionary manner. 
 58 (2) “Blockchain” means a mathematically secured, 
 59 chronological, decentralized, distributed, and digital ledger or 
 60 database that consists of records of transactions that cannot be 
 61 altered retroactively. 
 62 (3) “Cryptocurrency” means a virtual currency that is not 
 63 issued by any central authority, is designed to function as a 
 64 medium of exchange, and uses encryption technology to regulate 
 65 the generation of units of currency, to verify fund transfers, 
 66 and to prevent counterfeiting. 
 67 (4) “Distributed ledger” means technology in which data is 
 68 shared across a network that creates a public digital ledger of 
 69 verified transactions or information among network participants 
 70 and in which cryptography is used to link the data to maintain 
 71 the integrity of the public ledger and execute other functions. 
 72 (5) “Fork” means a change to the protocol of a distributed 
 73 ledger system which creates a separate ledger, which may result 
 74 in a new cryptocurrency that shares a common transaction history 
 75 with the previous cryptocurrency up to the point of change. 
 76 (6) “Governmental entity” has the same meaning as in s. 
 77 215.986. 
 78 (7) “Private key” means confidenti