A Florida lawmaker is making a second attempt to let the state invest in digital assets such as Bitcoin and crypto exchange-traded funds (ETFs).
Republican Representative Webster Barnaby filed the new proposal, known as House Bill 183, after his previous bill was withdrawn earlier this year.
Expanding Florida’s Investment Scope
HB 183, introduced Wednesday, would authorize the State Board of Administration and other public entities to invest up to 10% of their portfolios in digital assets.
These could include Bitcoin, crypto securities, exchange-traded products, NFTs, and other blockchain-based investments.
Barnaby’s new version strengthens rules around custody, documentation, and fiduciary duties, ensuring secure management of any digital holdings.
The lawmaker also broadened the scope of eligible assets beyond Bitcoin-only exposure, aiming to give Florida greater flexibility in diversifying its reserve strategy.
If approved, the measure would take effect on July 1, 2026.
Crypto Reserve Bills Face National Challenges
Despite the growing interest in crypto reserves, only three U.S. states — Arizona, New Hampshire, and Texas — have successfully passed similar legislation.
New Hampshire’s HB 302 allows up to 5% of public funds to be invested in digital assets with a market cap above $500 billion, currently limited to Bitcoin.
Texas’ Senate Bill 21 established a Bitcoin-only reserve, while Arizona’s HB 2749 permits digital asset reserves only from unclaimed property.
Barnaby’s Florida proposal would make it the first major state economy to pursue a diversified crypto investment policy.
Additional Bill Targets Stablecoin Regulation
In a related move, Barnaby also filed HB 175 to simplify the regulatory landscape for stablecoin issuers operating in Florida.
The bill specifies that stablecoin providers fully backed by U.S. dollars or Treasury securities should not require separate state licenses.
It also mandates monthly audits to ensure reserves are fully collateralized and publicly verifiable.
Like the crypto reserve bill, HB 175 is scheduled to take effect in July 2026.
California Strengthens Crypto Property Rights
Meanwhile, California Governor Gavin Newsom signed legislation last week protecting unclaimed digital assets from being automatically converted to cash.
Senate Bill 822 ensures that unclaimed crypto holdings remain in their original form under state custody.
The law allows account holders to recover their assets by submitting valid claims with the California State Controller’s Office, further establishing digital property rights in the U.S.
