Florida Introduces Bitcoin Reserve Fund Bill, Targeting Cryptocurrencies with a Market Cap of Over $500 Billion

Florida state legislators have introduced a new bill that would establish a state-managed Bitcoin (BTC) reserve fund. Senate Bill 1038 proposes the creation of the Florida Strategic Cryptocurrency Reserve, which would be overseen by the state's Chief Financial Officer. Unlike allowing investments in Bitcoin using existing public funds, the bill aims to set up an independent reserve structure with its own management rules, reporting requirements, and an advisory committee. According to the bill, the state's Chief Financial Officer would be authorized to purchase cryptocurrencies that have maintained an average market capitalization of over $500 billion in the past 24 months. Currently, only Bitcoin meets this criterion. Last year, a similar bill was considered in Florida but did not progress beyond the committee stage.