A New Chapter for Crypto Investments in Florida
In a renewed effort to integrate digital assets into public investment portfolios, Florida House Republican Webster Barnaby has introduced a revised bill aimed at allowing the state to invest in cryptocurrencies. This legislative move comes after a previous attempt was withdrawn earlier this year. House Bill 183, as it is now known, proposes to permit the state and certain public entities to allocate up to 10% of their funds into digital assets, including Bitcoin, crypto exchange-traded products, crypto securities, non-fungible tokens (NFTs), and other blockchain-based innovations. The bill, which was introduced on Wednesday, reflects a growing interest in diversifying investment strategies through digital currencies.
The revamped bill shares similarities with Barnaby's earlier proposal, HB 487, which was shelved in June. However, it introduces significant enhancements in terms of custody, documentation, and fiduciary standards for managing and lending digital assets. One of the notable changes in the new bill is the expansion of investible assets beyond Bitcoin, allowing for a broader spectrum of cryptocurrencies. This adjustment aims to provide Florida with greater flexibility in its digital asset holdings, should the bill pass. If approved, HB 183 is slated to take effect on July 1, 2026, empowering the State Board of Administration to invest pension and other trust funds in digital assets.
A Broader Legislative Context
The introduction of HB 183 is part of a larger trend observed in the 2025 legislative session, where multiple states have considered bills related to Bitcoin and digital asset reserves. Despite the flurry of activity, only a handful of these bills have successfully passed into law. Notably, states like Arizona, New Hampshire, and Texas have made strides in this area. New Hampshire's HB 302, for instance, allows the treasurer to invest up to 5% of public funds in digital assets with market caps exceeding $500 billion, which currently includes only Bitcoin. Meanwhile, Texas has enacted Senate Bill 21, which establishes a Bitcoin-only reserve, and Arizona's HB 2749 permits the creation of a digital asset reserve from unclaimed property.
Barnaby's legislative efforts do not stop at HB 183. He is also advocating for regulatory relief for stablecoin issuers within Florida through HB 175. This bill seeks to clarify that recognized payment stablecoin issuers should not be required to obtain additional licenses or registrations. It mandates that stablecoin issuers be fully collateralized with US dollars or treasuries and conduct public audits of their reserves at least monthly. Like HB 183, the stablecoin bill is also targeted for implementation on July 1, 2026.
A National Perspective on Crypto Legislation
The legislative landscape for digital assets is rapidly evolving across the United States, with various states adopting different approaches to integrating cryptocurrencies into their financial frameworks. Recently, California made headlines when Governor Gavin Newsom signed a law ensuring that unclaimed cryptocurrencies are preserved in their original form rather than being automatically converted to cash. California's SB 822 allows crypto account holders to reclaim their digital assets by filing a valid claim with the state's controller, highlighting a growing recognition of the unique nature of digital assets.
As states like Florida and California navigate the complexities of cryptocurrency regulation, the broader implications for the financial industry and public investment strategies continue to unfold. Lawmakers and regulators are tasked with balancing innovation and security, ensuring that the integration of digital assets into public funds is both beneficial and safe. As the July 2026 target date approaches, the outcome of these legislative efforts will be closely watched by stakeholders across the financial and technological sectors.