Florida Senate - 2026                                    SB 1040
       
       
        
       By Senator Gruters
       
       
       
       
       
       22-01492-26                                           20261040__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 215.596,
    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 215.596, Florida Statutes, is created to
   13  read:
   14         215.596 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 the reserve.
   24         (b) Revenue that the Legislature by general law dedicates
   25  for deposit to the credit of the reserve.
   26         (c) Cryptocurrency purchased using money in or received by
   27  the reserve, including any cryptocurrency:
   28         1. Derived from the fork of a distributed ledger; or
   29         2. Distributed pursuant to an airdrop to the state’s
   30  cryptocurrency addresses.
   31         (d) Investment earnings, interest, or rewards accruing on
   32  reserve moneys that are not invested in cryptocurrency, which
   33  earnings, interest, or rewards may be invested as provided in s.
   34  17.57.
   35         (3) The purpose of the reserve is to acquire, hold, manage,
   36  and dispose of cryptocurrency and related assets for the benefit
   37  of the state; to strengthen the state’s financial security and
   38  resilience; to diversify the state’s investment portfolio,
   39  including providing a potential hedge against inflation and
   40  economic volatility; and to position the state to participate in
   41  and adapt to the emerging digital economy.
   42         (4) In accordance with s. 19(f)(2), Art. III of the State
   43  Constitution, the reserve is terminated July 1, 2030, unless
   44  terminated sooner. Before its scheduled termination, the reserve
   45  shall be reviewed as provided in s. 215.3206(1) and (2).
   46         Section 2. This act shall take effect on the same date that
   47  SB 1038 or similar legislation takes effect, if such legislation
   48  is adopted in the same legislative session or an extension
   49  thereof and becomes a law.