Show description: On December 30, 2025, Senator Joe Gruters filed SB 1038 and SB 1040 to establish the Florida Strategic Cryptocurrency Reserve and the Cryptocurrency Reserve Trust Fund. The bills assign administration authority to the state Chief Financial Officer, Blaise Ingoglia, and require both bills to pass together to take effect. If enacted, the program would begin on July 1, 2026. The reserve may only acquire digital assets with a two-year average market capitalization of at least $500 billion, a threshold that currently limits eligibility in practice to Bitcoin. SB 1038 creates the reserve inside the Office of the Chief Financial Officer, grants the CFO authority to manage investments and operations, and establishes an advisory committee for guidance, oversight, and reporting. SB 1040 creates the Cryptocurrency Reserve Trust Fund to hold appropriations, statutory receipts, and crypto assets, and to pay operating, custody, audit, and technology expenses. Funding sources include legislative appropriations, statutory income, receipts from purchases or exchanges, blockchain forks and airdrops when assets are retained, and profits from non-crypto investments. The bills centralize risk management through the CFO and the advisory committee, require documented procedures for investment decisions, custody, and reporting, and allow transactions under federal banking rules using chartered banks and registered investment vehicles. The program contains a sunset clause that terminates the program on July 1, 2030 unless the legislature renews it and requires liquidation of assets with proceeds transferred to the General Revenue Fund on termination. The bills reference actions by Texas, Wyoming, New Hampshire, Arizona, and Wisconsin and cite Wisconsin’s 2024 pension allocations to spot Bitcoin ETFs as a precedent for using regulated products and custody. Implementation tasks include finalizing custody arrangements, selecting compliant vendors, and producing reporting templates and control checklists prior to any capital deployment, and procurement should expect requirements for SOC reporting, segregation of duties, hardware security modules or multi-signature key management, provable chain of custody, incident response processes, and frequent standardized audits. 

Source: https://web3businessnews.com/policy/florida-crypto-reserve-bills-2026/

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