Florida Takes Second Shot at Bitcoin Reserve After First Bill Collapsed

TLDR

• Florida lawmaker Webster Barnaby filed HB 183, allowing the state to invest up to 10% of public funds in digital assets including Bitcoin, crypto ETFs, NFTs, and blockchain products
• The new bill expands beyond the Bitcoin-only focus of the failed HB 487 from June 2024 and adds stricter custody, documentation, and fiduciary standards
• If passed, the measure would take effect July 1, 2026, and authorize the State Board of Administration to invest pension and trust funds in digital assets
• Only three states—Arizona, New Hampshire, and Texas—have successfully enacted crypto reserve legislation in 2025 after dozens of bills failed
• Barnaby also filed HB 175 this week to ease regulatory requirements for stablecoin issuers in Florida

Florida representative Webster Barnaby has introduced a revised bill allowing the state to invest in digital assets after his first attempt failed earlier this year. House Bill 183 permits Florida and certain public entities to allocate up to 10% of their funds into crypto investments.

The bill was filed on Wednesday and represents Barnaby’s second attempt at establishing a state crypto reserve. His initial proposal, HB 487, was withdrawn by Florida’s operations subcommittee in June 2024.

HB 183 differs from the previous version in several ways. The new measure expands investment options beyond Bitcoin to include crypto exchange-traded products, tokenized securities, NFTs, and other blockchain-based assets. This gives Florida more flexibility in building a diversified digital asset portfolio.

The bill also introduces stricter requirements for managing these investments. New custody standards, documentation procedures, and fiduciary rules have been added to address concerns about holding and lending digital assets.

Investment Authorization and Timeline

The proposed legislation would authorize the State Board of Administration to invest pension and trust funds in digital assets. The bill sets July 1, 2026, as its effective date if passed by the legislature and signed by the governor.

Florida’s chief financial officer would gain authority to invest up to 10% of money in specified public funds. These include the General Revenue Fund, the Budget Stabilization Fund, and various trust funds.

The Florida Retirement System’s System Trust Fund would also be authorized to allocate up to 10% of its assets to digital investments. Assets could be held by the CFO, a qualified custodian, or through SEC-registered ETFs.

The bill allows Florida residents to pay certain taxes and fees using digital assets. Those payments would be converted to dollars before being transferred to the state’s general fund.

State-Level Crypto Legislation

Florida’s renewed effort comes after a wave of state bitcoin reserve bills during the 2025 legislative session. Most of these proposals failed to advance, with only three states successfully enacting legislation.

Arizona passed HB 2749, which permits creation of a digital asset reserve from unclaimed property. New Hampshire’s HB 302 allows the treasurer to invest up to 5% of public funds in digital assets with market caps above $500 billion.

Texas enacted Senate Bill 21, establishing a Bitcoin-only reserve. More than 50 reserve bills were introduced across the nation during the 2025 session.

Many failed bills did not pass because state legislatures adjourned before completing the legislative process. Tracking data from Bitcoin Laws shows the bills were withdrawn or died in committee.

Federal Context

HB 183 references a March 2025 White House executive order creating a federal Strategic Bitcoin Reserve. The federal plan aimed to establish a digital asset stockpile as national policy.

Treasury Secretary Scott Bessent later clarified in August that the federal reserve would consist only of seized bitcoin. The government would not make new purchases of the cryptocurrency.

This clarification did not slow momentum at the state level. Observers note it validated the concept and increased pressure on states to develop their own strategies.

Additional Stablecoin Legislation

Barnaby filed a second crypto-related bill this week. HB 175 seeks to ease regulatory requirements for stablecoin issuers operating in Florida.

The stablecoin bill clarifies that recognized payment stablecoin issuers should not need separate licenses or registrations. It requires issuers to maintain full collateralization with US dollars or treasury securities.

Stablecoin companies would need to conduct public audits of their reserves at least once monthly. The bill shares the same July 1, 2026, effective date as HB 183.

HB 183 now awaits committee assignment and hearings in the Florida House. The bill would require Senate approval and the governor’s signature to become law.

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