TLDR
- Florida Representative Webster Barnaby filed House Bill 183 to allow up to 10% of state funds invested in digital assets
- The bill expands beyond Bitcoin-only to include crypto ETFs, NFTs, tokenized securities, and blockchain products
- Legislation adds stricter custody, documentation, and fiduciary standards for digital asset management
- Bill targets July 1, 2026 effective date and would authorize pension fund crypto investments
- Only Arizona, New Hampshire, and Texas have passed similar crypto reserve bills in 2025
Florida has renewed its push to add cryptocurrency to state investment portfolios. Representative Webster Barnaby filed House Bill 183 this week, marking the state’s second attempt at creating a digital asset reserve.
The new legislation would permit Florida to invest up to 10% of public funds in digital assets. This includes Bitcoin, crypto exchange-traded products, non-fungible tokens, and tokenized securities.
Barnaby’s previous bill, HB 487, was withdrawn in June 2024 by Florida’s operations subcommittee. The new version addresses concerns from the failed attempt by adding enhanced oversight measures.
Expanded Investment Options and Stricter Controls
House Bill 183 differs from the earlier proposal in key ways. The original bill focused exclusively on Bitcoin investments. The revised version allows a broader range of crypto assets.
The legislation includes new custody requirements for holding digital assets. Documentation standards and fiduciary rules have been strengthened to protect state funds.
If passed, the State Board of Administration would gain authority to invest pension and trust funds in crypto. The Florida Retirement System’s System Trust Fund could allocate up to 10% of assets to digital investments.
The bill specifies that assets must be held through qualified custodians or SEC-registered exchange-traded funds. Florida’s chief financial officer would oversee investments in the General Revenue Fund, Budget Stabilization Fund, and various trust funds.
State Crypto Legislation Landscape
Florida joins a growing number of states exploring crypto reserves. More than 50 reserve bills were introduced across the United States during the 2025 legislative session.
Most of these proposals failed to advance. Only three states successfully enacted crypto reserve legislation in 2025.
Texas passed Senate Bill 21, creating a Bitcoin-only reserve. New Hampshire’s HB 302 allows up to 5% of public funds invested in digital assets with market caps exceeding $500 billion.
Arizona enacted HB 2749, which permits digital asset reserves from unclaimed property. Many failed bills died when state legislatures adjourned for the session.
Federal Reserve Influence
HB 183 references a March 2025 White House executive order establishing a federal Strategic Bitcoin Reserve. The federal policy aimed to create a national digital asset stockpile.
Treasury Secretary Scott Bessent clarified in August that the federal reserve would only include seized bitcoin. The government would not purchase new cryptocurrency holdings.
This clarification has not deterred state-level initiatives. Experts suggest federal policy validated the concept and encouraged states to develop independent strategies.
Additional Stablecoin Regulations
Barnaby filed a second crypto bill this week. House Bill 175 addresses regulatory requirements for stablecoin issuers in Florida.
The stablecoin legislation clarifies that recognized payment stablecoin issuers do not need separate licenses. Issuers must maintain full collateralization with US dollars or treasury securities.
The bill requires monthly public audits of stablecoin reserves. Both HB 183 and HB 175 target July 1, 2026 as their effective dates.
Florida residents would be allowed to pay certain taxes and fees using digital assets. These payments would convert to dollars before transfer to the state’s general fund.
HB 183 now awaits committee assignment in the Florida House. The bill requires Senate approval and the governor’s signature to become law.
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