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Florida lawmakers advance state crypto reserve with $500B threshold, effective July 1, 2026
Florida Representative John Snyder sponsored HB 1039, and Senator Joe Gruters filed SB 1040 and SB 1038 to set up a state-run strategic cryptocurrency reserve that requires an average market capitalization of $500 billion for eligible assets. The legislation includes a conditional effective date of July 1, 2026, and, for now, only Bitcoin meets the criteria, with Ethereum around $380 billion.