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Florida Lawmakers Introduce Senate Bill 1038 for State Crypto Reserve With $500B Market-Cap Threshold

The proposal sets a 24-month $500 billion average market-cap requirement that effectively limits eligibility to Bitcoin, with oversight by Florida’s chief financial officer, independent governance, reporting mandates, and an advisory committee.

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Fact Check
The evidence strongly and consistently supports the statement's truthfulness. The most authoritative sources are the primary legislative documents from the Florida Senate's official website. These sources confirm the existence of House Bill 1039, a proposal explicitly designed to establish a 'State Cryptocurrency Reserve' for investment purposes. This directly verifies the core claims that Florida legislators have 'proposed' such an action and that it involves a state-held asset, which is synonymous with 'adding to the state's balance sheet'.Reputable news outlets like CoinDesk and Florida Politics corroborate this information, confirming the legislative effort and identifying the sponsoring legislators. Furthermore, multiple crypto-focused news sources, which are highly relevant despite varying authority, specify that the proposed reserve would primarily hold or be backed by Bitcoin. For instance, Cryptopolitan's summary states the reserve would be 'primarily by Bitcoin,' and the CoinDesk snippet mentions 'Bitcoin Purchase.' There is no conflicting evidence among the relevant sources provided. The combination of direct primary source evidence from the government and consistent corroboration from secondary news sources makes the statement highly credible.
Summary

Florida lawmakers introduced Senate Bill 1038 to establish a state-managed cryptocurrency reserve. The bill sets a 24-month average market-cap threshold of $500 billion, effectively limiting eligible purchases to Bitcoin. The reserve would be overseen by the state chief financial officer and feature independent governance, reporting requirements, and an advisory committee.

Terms & Concepts
  • Bitcoin: The largest cryptocurrency by market value; under the bill’s criteria, it is effectively the only eligible asset for the proposed reserve.
  • Market capitalization: The total value of a cryptocurrency, calculated by price times circulating supply; the bill requires a $500B 24‑month average for eligibility.