Florida Legislators Renew Push For Bitcoin Strategic Reserve, Undeterred By 2 Failed Attempts

Core Viewpoint - Florida is moving forward with legislative efforts to establish a Bitcoin reserve, aiming to create a cryptocurrency fund managed by the state's chief financial officer with an advisory committee's support [1][2]. Group 1: Legislative Details - State Sen. Joe Gruters and Rep. John Snyder have introduced bills to create a Florida Bitcoin reserve, which would specifically focus on Bitcoin as it meets the market capitalization requirement of at least $500 billion over the past 24 months [2]. - The proposed bills include custody and reporting requirements, mandating the use of institutional custody services, external audits, and biennial reports [2]. - Unlike previous legislative attempts, the new bills do not set a minimum limit on state funds that can be invested in cryptocurrencies, making them narrower in scope compared to a prior bill by Rep. Webster Barnaby [3]. Group 2: Economic Context - The recent bills position cryptocurrencies as a potential hedge against inflation and suggest that the reserve could better prepare the state for the future digital economy [3]. - The bills need to pass through two committees and both chambers to become law, with a favorable outlook given Gov. Ron DeSantis's pro-cryptocurrency stance [5].