Florida 2026 Session Status: Introduced 3 R cosponsors

HB 1039 — Establishment and Administration of a State Cryptocurrency Reserve

Last action — Died on Second Reading Calendar

  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the House. Introduced January 06, 2026. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 36% · moderate confidence

  • Introduced

    Current position in the legislative process.

  • 5 sponsors

    1 primary, 4 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (3 R).

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Establishment and Administration of a State Cryptocurrency Reserve; Establishes Florida Strategic Cryptocurrency Reserve Fund as special fund assigned to SBA; provides for objective, custody, administration, & management of reserve; provides sources of reserve; authorizes Legislature to appropriate funds for deposit to credit of reserve for specified purposes; authorizes board to pay certain costs using cryptocurrency in reserve or net proceed from sale of cryptocurrency in reserve; authorizes transfer of reserve money to State Treasury; authorizes board to dispose of certain cryptocurrency received by reserve; provides requirements for cryptocurrency to be purchased for reserve; authorizes contracts with third parties for administration or management of reserve; authorizes board to use derivatives; authorizes contracts with certified public accountants for independent audits; establishes Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within board; provides for committee membership; provides duties & terms of committee members; requires board to adopt rules; requires board to provide to Legislature certain information relating to reserve.

Bill Text

What changed in the latest version

243 added · 254 removed

243 line(s) added, 254 removed.

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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 A bill to be entitled An act relating to the establishment and administration of a state cryptocurrency reserve;
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 A bill to be entitled An act relating to the establishment and administration of a state cryptocurrency reserve;
establishing the Florida Strategic Cryptocurrency Reserve Fund as a special fund assigned to the State Board of Administration;
establishing the Florida Strategic Cryptocurrency Reserve as a special fund assigned to the State Board of Administration;
providing the objective of the reserve;
authorizing the board to pay certain costs using the cryptocurrency in the reserve or the net proceed from the sale of cryptocurrency in the reserve;
authorizing the executive director of the board to pay certain costs using the cryptocurrency in the reserve or the net proceed from the sale of cryptocurrency in the reserve;
providing for investment of money in the reserve;
authorizing the board to dispose of certain cryptocurrency received by the reserve;
authorizing the board to use derivatives under certain circumstances;
authorizing the executive director to use derivatives under certain circumstances;
establishing the Page 1 of 10 CODING:
establishing the Florida Strategic Cryptocurrency Reserve Advisory Committee within the Page 1 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within the board;
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 board;
providing construction;
providing reporting requirements;
amending s.
215.44, F.S.;
requiring the board to provide to the Legislature certain information relating to the reserve;
215.987 State cryptocurrency reserve fund.— (1) DEFINITIONS.—As used in this section, the term:
215.987 State cryptocurrency reserve.— (1) DEFINITIONS.—As used in this section, the term:
(a) "Airdrop" means a gratuitous distribution of Page 2 of 10 CODING:
(a) "Airdrop" means a gratuitous distribution of cryptocurrency to users of a blockchain or protocol, generally made in a broad, equitable, and nondiscretionary manner.
(b) "Blockchain" means a mathematically secured, chronological, decentralized, distributed, and digital ledger or Page 2 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 cryptocurrency to users of a blockchain or protocol, generally made in a broad, equitable, and nondiscretionary manner.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 database that consists of records of transactions that cannot be altered retroactively.
(b) "Blockchain" means a mathematically secured, chronological, decentralized, distributed, and digital ledger or database that consists of records of transactions that cannot be altered retroactively.
(c) "Committee" means the Florida Strategic Cryptocurrency Reserve Advisory Committee established in this section.
(c) "Board" means the State Board of Administration.
(d) "Cryptocurrency" means a virtual currency that is not issued by any central authority, is designed to function as a medium of exchange, and uses encryption technology to regulate the generation of units of currency, to verify fund transfers, and to prevent counterfeiting.
(d) "Committee" means the Florida Strategic Cryptocurrency Reserve Fund Advisory Committee established in this section.
(e) "Distributed ledger" means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.
(e) "Cryptocurrency" means a virtual currency that is not issued by any central authority, is designed to function as a medium of exchange, and uses encryption technology to regulate the generation of units of currency, to verify fund transfers, and to prevent counterfeiting.
(f) "Fork" means a change to the protocol of a distributed ledger system which creates a separate ledger, which may result in a new cryptocurrency that shares a common transaction history with the previous cryptocurrency up to the point of change.
(f) "Distributed ledger" means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.
(g) "Governmental entity" has the same meaning as in s.
(g) "Fork" means a change to the protocol of a distributed ledger system which creates a separate ledger, which may result in a new cryptocurrency that shares a common transaction history with the previous cryptocurrency up to the point of change.
(h) "Governmental entity" has the same meaning as in s.
Page 3 of 10 CODING:
(h) "Private key" means a unique element of cryptographic data used for signing transactions on blockchain, known only to the owner.
(i) "Qualified custodian" means a state or federally chartered financial institution or other entity regulated by Page 3 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 (i) "Private key" means a unique element of cryptographic data used for signing transactions on blockchain.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 this state which is authorized to have custody of virtual currencies on behalf of its clients.
(j) "Qualified custodian" means a state or federally chartered financial institution or other entity regulated by this state which is authorized to have custody of virtual currencies on behalf of its clients.
(j) "Qualified liquidity provider" means an entity that meets all of the following requirements:
(k) "Qualified liquidity provider" means an entity that meets all of the following requirements:
Has certified in a manner prescribed by the board that the provider meets the requirements of subparagraphs 1.-4.
Has certified in a manner prescribed by the State Board of Administration that the provider meets the requirements of subparagraphs 1.-4.
(l) "Reserve" means the Florida Strategic Cryptocurrency Reserve Fund established in this section.
(k) "Reserve" means the Florida Strategic Cryptocurrency Reserve established in this section.
(m) "Secure custody solution" means a technological product or blended product and service meeting all of the following criteria:
(l) "Secure custody solution" means a technological product or blended product and service meeting all of the following criteria:
Exclusively known by and accessible to the governmental Page 4 of 10 CODING:
Exclusively known by and accessible to the governmental entity or the qualified custodian.
b.
Contained within an encrypted, hardware-secured environment and used only to sign and authorize cryptocurrency Page 4 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 entity or the qualified custodian.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 transactions through end-to-end encrypted channels.
b.
Contained within an encrypted, hardware-secured environment and used only to sign and authorize cryptocurrency transactions through end-to-end encrypted channels.
ADMINISTRATION.— (a) The Florida Strategic Cryptocurrency Reserve Fund is Page 5 of 10 CODING:
ADMINISTRATION.— (a) The Florida Strategic Cryptocurrency Reserve is established as a special fund assigned to the State Board of Administration.
The executive director of the board has custody of and shall administer and manage the reserve.
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The reserve Page 5 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 established as a special fund assigned to the board.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 consists of:
The objective of the reserve is to grow the reserve as much as possible to ensure the long-term financial sovereignty of this state.
The board has custody of and shall administer and manage the reserve.
The reserve consists of:
Cryptocurrency purchased using money in or received by the reserve, including:
Cryptocurrency purchased using money in or received by the reserve, including any cryptocurrency:
Cryptocurrency derived from the fork of a distributed ledger, the retention of which has been approved by the board;
Derived from the fork of a distributed ledger;
Cryptocurrency distributed pursuant to an airdrop to this state's cryptocurrency addresses, the retention of which has been approved by the board.
Distributed pursuant to an airdrop to this state's cryptocurrency addresses.
(b) To administer and manage the reserve, the board may acquire, exchange, sell, supervise, manage, or retain authorized investments that a prudent investor exercising reasonable care, skill, and caution would acquire, exchange, sell, supervise, manage, or retain in light of the objective of the reserve, taking into consideration the investment of all the assets of Page 6 of 10 CODING:
(b) To administer and manage the reserve, the executive director may acquire, exchange, sell, supervise, manage, or retain any kind of investments that a prudent investor exercising reasonable care, skill, and caution would acquire, exchange, sell, supervise, manage, or retain in light of the purposes, terms, distribution requirements, and other circumstances then prevailing for the reserve, taking into consideration the investment of all the assets of the reserve rather than a single investment.
Words stricken are deletions;
words underlined are additions.
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 the reserve rather than a single investment.
(d) The board may spend cryptocurrency in the reserve or use the net proceed from the sale of cryptocurrency in the reserve to pay the reasonable costs associated with administering and managing the reserve.
Page 6 of 10 CODING:
Costs and fees of the board for investment services shall be deducted from the reserve.
(e) The board may transfer money in the reserve to the State Treasury only when authorized by the Legislature in the General Appropriations Act or other law.
(f) Cryptocurrency received by the reserve which is not compliant with applicable federal or state law may be disposed of by the board in accordance with applicable law.
(3) MARKET CAPITALIZATION REQUIREMENT.—To be eligible to be purchased for the reserve, a cryptocurrency must have an average market capitalization of at least $100 billion over the most recent 12-month period.
(4) THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS;
AUDITS.— (a) The board may contract with one or more third-party entities for the administration or management of the reserve, Page 7 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 including:
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 (d) The executive director may spend cryptocurrency in the reserve or use the net proceed from the sale of cryptocurrency in the reserve to pay the reasonable costs associated with administering and managing the reserve.
(e) Money in the reserve may be invested with the State Treasury pool.
(f) The executive director may transfer money in the reserve to the State Treasury only when authorized by the Legislature in the General Appropriations Act or other law.
(3) MARKET CAPITALIZATION REQUIREMENT.—To be eligible to be purchased for the reserve, a cryptocurrency must have an average market capitalization of at least $100 billion over the most recent 12-month period.
(4) THIRD-PARTY CONTRACTS AND PERMISSIBLE TRANSACTIONS;
AUDITS.— (a) The executive director may contract with one or more third-party entities for the administration or management of the reserve, including:
(b) If the board determines it is in the best interest of the reserve, the board may use derivatives.
(b) If the executive director determines it is in the best interest of the reserve, the executive director may use Page 7 of 10 CODING:
(c) The board may contract with a certified public accountant to perform an independent audit of the reserve.
(5) FLORIDA STRATEGIC CRYPTOCURRENCY RESERVE FUND ADVISORY COMMITTEE.— (a) There is established the Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within the board.
(b) The committee shall be composed of the following five members as a resource to the board of trustees of the board, subject to confirmation by the Senate, as follows:
1.
The executive director of the board, who shall serve as chair.
2.
Three members appointed by the board with expertise in cryptocurrency investments.
3.
One member appointed by the board with expertise in digital asset security.
(c) The committee shall advise the board regarding the administration and management of the reserve, including:
Page 8 of 10 CODING:
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 1.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 derivatives.
(c) The executive director may contract with a certified public accountant to perform an independent audit of the reserve.
(5) FLORIDA STRATEGIC CRYPTOCURRENCY RESERVE ADVISORY COMMITTEE.— (a) There is established the Florida Strategic Cryptocurrency Reserve Advisory Committee within the State Board of Administration.
(b) The committee shall be composed of the following five members:
1.
The executive director, who shall serve as the chair.
2.
Four members appointed by the board as a resource to the Board of Trustees of the State Board of Administration, subject to confirmation by the Senate, as follows:
a.
Three members with expertise in cryptocurrency investments.
b.
One member with expertise in digital asset security.
(c) The committee shall advise the executive director regarding the administration and management of the reserve, including:
1.
3.
Page 8 of 10 CODING:
Words stricken are deletions;
words underlined are additions.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 3.
(6) NO PRIVATE CAUSE OF ACTION.—This section does not create a private cause of action related to compliance with the requirements of this section.
(6) BIENNIAL REPORT.— (a) No later than December 31 of each even-numbered calendar year, the executive director shall publish and submit to the President of the Senate and the Speaker of the House of Representatives a report that includes:
(7) RULEMAKING.—The board shall adopt rules as necessary to administer the Florida Strategic Cryptocurrency Reserve Fund.
Section 2.
Paragraph (g) is added to subsection (5) of section 215.44, Florida Statutes, to read:
215.44 Board of Administration;
powers and duties in relation to investment of trust funds.— (5) On or before January 1 of each year, the board shall provide to the Legislature a report including the following items for each fund which, by law, has been entrusted to the board for investment:
(g) With respect to the Florida Strategic Cryptocurrency Page 9 of 10 CODING:
Words stricken are deletions;
words underlined are additions.
hb1039-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 1039 2026 Reserve Fund, the following information:
The amount of cryptocurrency held in the reserve on the last day of the preceding fiscal year.
The amount of cryptocurrency held in the reserve on the last day of the preceding fiscal year biennium.
An estimate of the monetary value of the cryptocurrency held in the reserve on the last day of the preceding fiscal year.
An estimate of the monetary value of the cryptocurrency held in the reserve on the last day of the preceding fiscal year biennium.
A description of the actions taken by the board to administer and manage the reserve during the preceding fiscal year.
A description of the actions taken by the executive director to administer and manage the reserve during the preceding fiscal year biennium.
Section 3.
(7) RULEMAKING.—The State Board of Administration shall Page 9 of 10 CODING:
This act shall take effect January 1, 2027.
Words stricken are deletions;
words underlined are additions.
hb1039-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 1039 2026 adopt rules as necessary to administer the Florida Strategic Cryptocurrency Reserve.
Section 2.
This act shall take effect July 1, 2026.
hb1039-02-c2
hb1039-01-c1
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Action History

  1. Died on Second Reading Calendar

  2. Added to Second Reading Calendar

  3. 1st Reading (Committee Substitute 2)

  4. Bill referred to House Calendar

  5. CS Filed

  6. Laid on Table under Rule 7.18(a)

  7. Reported out of Commerce Committee

  8. Favorable with CS by Commerce Committee

  9. Added to Commerce Committee agenda

  10. 1st Reading (Committee Substitute 1)

  11. Now in Commerce Committee

  12. Referred to Commerce Committee

  13. CS Filed

  14. Laid on Table under Rule 7.18(a)

  15. Reported out of Insurance & Banking Subcommittee

  16. Favorable with CS by Insurance & Banking Subcommittee

  17. Added to Insurance & Banking Subcommittee agenda

  18. 1st Reading (Original Filed Version)

  19. Now in Insurance & Banking Subcommittee

  20. Referred to Commerce Committee

  21. Referred to State Administration Budget Subcommittee

  22. Referred to Government Operations Subcommittee

  23. Referred to Insurance & Banking Subcommittee

  24. Filed

Sponsors

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 159 not signed on

Sponsors (1)

  • Commerce Committee

Co-sponsors (4)

Not signed on (159)

159 members have not signed on to this bill.

Show all 159 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance technology
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Frequently asked questions

What does HB 1039 do?
Establishment and Administration of a State Cryptocurrency Reserve; Establishes Florida Strategic Cryptocurrency Reserve Fund as special fund assigned to SBA; provides for objective, custody, administration, & management of reserve; provides sources of reserve; authorizes Legislature to appropriate funds for deposit to credit of reserve for specified purposes; authorizes board to pay certain costs using cryptocurrency in reserve or net proceed from sale of cryptocurrency in reserve; authorizes transfer of reserve money to State Treasury; authorizes board to dispose of certain cryptocurrency received by reserve; provides requirements for cryptocurrency to be purchased for reserve; authorizes contracts with third parties for administration or management of reserve; authorizes board to use derivatives; authorizes contracts with certified public accountants for independent audits; establishes Florida Strategic Cryptocurrency Reserve Fund Advisory Committee within board; provides for committee membership; provides duties & terms of committee members; requires board to adopt rules; requires board to provide to Legislature certain information relating to reserve.
Who sponsors HB 1039?
HB 1039 is sponsored by Snyder, John (Republican), Weinberger, Meg (Republican), Barnaby, Webster (Republican), Commerce Committee, and Insurance & Banking Subcommittee.
What is the current status of HB 1039?
This bill has been introduced in the House. Introduced January 06, 2026. It must pass committee before a floor vote.
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