Unlike those bills, Snyder’s would see the creation of the fund exist outside the state treasury, with management placed in the hands of the state’s chief financial officer.
“The Florida Strategic Cryptocurrency Reserve is established as a special fund outside the State Treasury. The Chief Financial Officer has custody of and shall administer and manage the reserve,” the bill text reads.
“To administer and manage the reserve, the Chief Financial Officer may acquire, exchange, sell, supervise, manage, or retain any kind of investments that a prudent investor exercising reasonable care, skill, and caution would,” it continues.
While the text does not name Bitcoin as the cryptocurrency of choice for the proposed fund, the top crypto asset by market cap is the only asset that meets the bill’s market cap criteria. The bill requires that an asset maintain a market cap of at least $500 billion over the most recent two-year period.
Why does Florida want to join the fray? According to the bill, the creation of a reserve would enhance the state’s financial resilience, serve as a hedge against economic inflation and volatility, and provide enhanced financial security to Florida residents.
Alongside the reserve, the bill would also see the creation of a cryptocurrency reserve advisory committee, led by the state CFO and filled out with four other members of their choosing—though at least three members must have experience in cryptocurrency investing.
The bill calls for the act to become effective on July 1, 2026, should it become law. A representative for Rep. John Snyder’s office did not immediately respond to Decrypt’s request for comment.
