A Florida House Republican has introduced a new bill aimed at permitting the state to allocate funds toward digital assets, such as Bitcoin and cryptocurrency ETFs, following the retraction of a previous initiative in June.

The proposed Florida House Bill 183 would enable the state and certain public entities to invest as much as 10% of their funds in digital assets, including Bitcoin (BTC), crypto exchange-traded products, crypto securities, non-fungible tokens (NFTs), and other blockchain-related products, as detailed in the new legislation brought forth by Florida lawmaker Webster Barnaby on Wednesday.

This latest crypto reserve proposal closely resembles Barnaby’s prior HB 487, which was dismissed last June, but it incorporates more stringent custody, documentation, and fiduciary standards for managing and lending digital assets.

Additionally, Barnaby’s new approach increases the range of investable digital assets from just Bitcoin to a wider array, allowing Florida to diversify its digital asset portfolio if the measure is approved.

HB 183 is set to become effective on July 1, 2026, and would grant the State Board of Administration the authority to invest pension and other trust funds into digital assets.

Other Bitcoin Reserve Legislation Enacted

Several bills concerning Bitcoin and digital asset reserves were proposed during the 2025 legislative session; however, most failed, with only three, from Arizona, New Hampshire, and Texas, becoming law.

New Hampshire’s HB 302 permits the treasurer to invest 5% of public funds in digital assets with market caps over $500 billion—currently only Bitcoin—while Texas’ Senate Bill 21 specifically establishes a Bitcoin-only reserve.

Conversely, Arizona’s HB 2749 restricts the creation of a digital asset reserve to unclaimed property.

Barnaby Introduces Another Crypto Bill

This week, Barnaby has also filed a proposal to relax regulatory burdens for stablecoin issuers in Florida, introducing HB 175 to stipulate that recognized payment stablecoin issuers would not need to secure individual licenses or registrations.

The bill mandates that stablecoin issuers be fully backed by US dollars or treasury securities and conduct a monthly public audit of these reserves.

Like HB 183, Barnaby is targeting for the stablecoin legislation to take effect on July 1, 2026.

California Addresses Crypto Property Rights

On a related note, last Saturday, California Governor Gavin Newsom signed legislation protecting unclaimed cryptocurrency from being automatically liquidated, ensuring that digital assets remain intact instead of being converted to cash prior to being handed over to state authorities. The California SB 822 allows crypto account holders to reclaim their original cryptocurrency by filing a valid claim with the California State Controller.