Florida Senate - 2026 COMMITTEE AMENDMENT
Bill No. SB 1038
Ì152950#Î152950
LEGISLATIVE ACTION
Senate . House
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The Committee on Banking and Insurance (Gruters) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 44 - 188
4 and insert:
5 Section 1. Section 215.991, Florida Statutes, is created to
6 read:
7 215.991 Short title.—Sections 215.991-215.994 shall be
8 known and may be cited as the “Florida Strategic Cryptocurrency
9 Reserve Act.”
10 Section 2. Section 215.992, Florida Statutes, is created to
11 read:
12 215.992 Definitions relating to the Florida Strategic
13 Cryptocurrency Reserve Act.—As used in this section and ss.
14 215.993 and 215.994, the term:
15 (1) “Airdrop” means a gratuitous distribution of
16 cryptocurrency to users of a blockchain or protocol, generally
17 made in a broad, equitable, and nondiscretionary manner.
18 (2) “Blockchain” means a mathematically secured,
19 chronological, decentralized, distributed, and digital ledger or
20 database that consists of records of transactions that cannot be
21 altered retroactively.
22 (3) “Cryptocurrency” means a virtual currency that is not
23 issued by any central authority, is designed to function as a
24 medium of exchange, and uses encryption technology to regulate
25 the generation of units of currency, to verify fund transfers,
26 and to prevent counterfeiting.
27 (4) “Distributed ledger” means technology in which data is
28 shared across a network that creates a public digital ledger of
29 verified transactions or information among network participants
30 and in which cryptography is used to link the data to maintain
31 the integrity of the public ledger and execute other functions.
32 (5) “Fork” means a change to the protocol of a distributed
33 ledger system which creates a separate ledger, which may result
34 in a new cryptocurrency that shares a common transaction history
35 with the previous cryptocurrency up to the point of change.
36 (6) “Governmental entity” has the same meaning as in s.
37 215.986.
38 (7) “Private key” means confidential cryptographic data
39 that allows a person or an entity to access, control, or
40 authorize transactions involving cryptocurrency or virtual
41 currency.
42 (8) “Qualified custodian” means a state financial
43 institution or a federally chartered institution or other entity
44 regulated by the state which is permitted to act as a custodian
45 of virtual currencies on behalf of clients.
46 (9) “Qualified liquidity provider” means an entity that:
47 (a) Is licensed or regulated under applicable federal or
48 state law;
49 (b) Maintains audited financial statements prepared by an
50 independent certified public accountant;
51 (c) Has at least 5 years of experience trading in the
52 digital assets industry;
53 (d) Maintains an office and has a registered principal in
54 this state; and
55 (e) Submits to the Chief Financial Officer a certification,
56 in a form prescribed by the Chief Financial Officer, attesting
57 that it meets the criteria in paragraphs (a)-(d).
58 (10) “Reserve” means the Florida Strategic Cryptocurrency
59 Reserve established under ss. 215.993 and 215.994.
60 (11) “Secure custody solution” means a technological
61 product or a blended product and service that meets all of the
62 following criteria:
63 (a) The cryptographic private keys are:
64 1. Exclusively known by and accessible to the governmental
65 entity;
66 2. Contained within an encrypted environment and accessible
67 only through end-to-end encrypted channels; and
68 3. Not stored on, or accessible through, a smartphone.
69 (b) The hardware containing the cryptographic private keys
70 is maintained in at least two geographically diverse, secure
71 data centers.
72 (c) A multiparty governance structure for authorizing
73 transactions is implemented, user access control is enforced,
74 and all user-initiated actions are logged.
75 (d) The provider implements a disaster recovery protocol
76 ensuring state access to assets if the provider becomes
77 unavailable.
78 (e) The technological product or blended product and
79 service undergoes regular code audits and penetration testing,
80 with identified vulnerabilities promptly addressed.
81 (12) “Virtual currency” has the same meaning as in s.
82 896.101(2).
83 Section 3. Section 215.993, Florida Statutes, is created to
84 read:
85 215.993 Administration of the Florida Strategic
86 Cryptocurrency Reserve.—
87 (1) In administering and managing the reserve, the Chief
88 Financial Officer may acquire, exchange, sell, supervise,
89 manage, or retain cryptocurrency or any other asset authorized
90 under this section and shall exercise the judgment and care that
91 a prudent investor would exercise, in light of the purposes,
92 terms, distribution requirements, and other circumstances of the
93 reserve, by considering the reserve as a whole rather than a
94 single investment. The reasonable costs of administering and
95 managing the reserve may be paid from cryptocurrency held in the
96 reserve or from the net proceeds of the sale or exchange of such
97 cryptocurrency.
98 (2) The Chief Financial Officer may purchase a
99 cryptocurrency for the reserve only if the cryptocurrency has
100 had an average market capitalization of at least $500 billion
101 during the preceding 24-month period.
102 (3) The Chief Financial Officer may contract with third
103 party entities for the administration or management of the
104 reserve, including contracting with any of the following
105 entities:
106 (a) A technology provider of a secure custody solution.
107 (b) A certified public accountant, to perform an
108 independent audit of the reserve.
109 (c) A qualified custodian who utilizes a secure custody
110 solution.
111 (d) A qualified liquidity provider, to facilitate the
112 purchase and sale of assets in the reserve.
113 (4) The Chief Financial Officer may invest in derivative
114 instruments of cryptocurrency authorized under s. 215.994(2)(c)
115 if the Chief Financial Officer determines that such investment
116 is in the best interest of the state.
117 (5)(a) Moneys in the reserve may be used only for
118 investment activities authorized under this section, for
119 temporary cash-management purposes authorized under paragraph
120 (b), and for paying the reasonable costs of administering and
121 managing the reserve.
122 (b) The Chief Financial Officer may liquidate assets of the
123 reserve and temporarily transfer the resulting moneys to the
124 State Treasury if required to comply with a specific
125 appropriation by operation of law or order by the Governor.
126 (c) Moneys temporarily transferred under paragraph (b) must
127 be returned to the reserve as soon as practicable, together with
128 any interest earned on such moneys while held in the State
129 Treasury.
130 (6)(a) The Florida Strategic Cryptocurrency Reserve
131 Advisory Committee is created to advise the Chief Financial
132 Officer in the administration and management of the reserve.
133 (b) The committee shall consist of five members, as
134 follows:
135 1. The Chief Financial Officer, who shall serve as chair;
136 and
137 2. Four members appointed by the Chief Financial Officer by
138 October 1, 2026, as follows:
139 a. Three members with expertise in cryptocurrency
140 investments; and
141 b. One member with expertise in digital asset security.
142 (c) The committee shall advise on matters relating to:
143 1. The valuation of assets held in the reserve;
144 2. Prudent investment policies, including investment
145 objectives and asset allocation standards; and
146 3. Prudent custody and security practices for the reserve.
147 (d) Members of the committee shall serve without
148 compensation but may be reimbursed for per diem and travel
149 expenses in accordance with s. 112.061, if applicable.
150 (e) Members appointed by the Chief Financial Officer serve
151 at the pleasure of the Chief Financial Officer.
152 (7) Beginning December 31, 2026, and biennially thereafter,
153 the Chief Financial Officer shall submit a report to the
154 President of the Senate and the Speaker of the House of
155 Representatives which includes all of the following:
156 (a) The amount of cryptocurrency held in the reserve on the
157 last day of the preceding state fiscal year.
158 (b) The estimated monetary value of the cryptocurrency held
159 in the reserve on the last day of the preceding state fiscal
160 year.
161 (c) A summary of any changes in the amount and estimated
162 monetary value of cryptocurrency held in the reserve during the
163 preceding state fiscal year, disaggregated by cryptocurrency
164 type.
165 (d) A description of the actions taken by the Chief
166 Financial Officer to administer and manage the reserve during
167 the preceding state fiscal year.
168 (8) Upon termination of the reserve under s. 215.994(4),
169
170 ================= T I T L E A M E N D M E N T ================
171 And the title is amended as follows:
172 Delete lines 3 - 4
173 and insert:
174 Cryptocurrency Reserve; creating s. 215.991, F.S.;
175 providing a short title; creating s. 215.992, F.S.;
176 defining terms; creating s. 215.993, F.S.; authorizing