Establishment and Administration of a State Cryptocurrency Reserve

What this bill does

Establishes Florida Strategic Cryptocurrency Reserve as special fund assigned to SBA; provides for custody, administration, & management of reserve; provides sources of reserve; authorizes Legislature to appropriate funds for deposit to credit of reserve for specified purposes; authorizes executive director of SBA to pay certain costs using cryptocurrency in reserve or net proceed from sale of cryptocurrency in reserve; provides for investment of money in reserve; authorizes transfer of reserve money to State Treasury; provides requirements for cryptocurrency to be purchased for reserve; authorizes contracts with third parties for administration or management of reserve; authorizes executive director to use derivatives; authorizes contracts with certified public accountants for independent audits; establishes Florida Strategic Cryptocurrency Reserve Advisory Committee within SBA.