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.