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Joe Gruters pitches cryptocurrency reserve as long-term state investment strategy

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Sarasota Republican Sen. Joe Gruters has filed legislation that would authorize the state to create and manage a cryptocurrency reserve, positioning Florida to invest directly in digital assets as part of its long-term financial strategy.

The proposal is split across two bills (SB 1038, SB 1040). Together, the bills would establish the Florida Strategic Cryptocurrency Reserve within the Office of the Chief Financial Officer and create a dedicated trust fund to hold and manage those assets.

SB 1040 would create the Florida Cryptocurrency Reserve trust fund and outlines its funding sources and purpose. The reserve would receive money through legislative appropriations, revenues dedicated by law and cryptocurrency acquired through purchases, blockchain forks or airdrops. Investment earnings on non-cryptocurrency holdings could also be deposited into the fund. 

The reserve is meant to diversify the state’s investment portfolio and “position the state to participate in and adapt to the emerging digital economy.”

SB 1038 authorizes the Chief Financial Officer, currently Blaise Ingoglia, to manage the reserve and sets guardrails on how cryptocurrency investments could be made. The CFO would only be able to buy cryptocurrency if the asset has maintained an average market capitalization of at least $500 billion over the prior two years.

The bill would also allow the CFO to contract with qualified third-party custodians, liquidity providers and auditors and to make investments in the reserve’s best interest.

The legislation would establish a five-member Florida Strategic Cryptocurrency Reserve Advisory Committee, chaired by the CFO. Other committee members would be appointed and dismissed by the CFO, and would serve without compensation but could be reimbursed for per diem and travel expenses.

The bill requires the CFO to submit biennial reports to legislative leaders detailing the estimated value of cryptocurrency held and actions taken to manage the reserve.

The reserve would be subject to Florida’s sunset review process and is scheduled to terminate July 1, 2030 unless reauthorized or ended sooner. Upon termination, remaining assets would be liquidated and transferred to the General Revenue Fund.

Both bills, filed Tuesday, are contingent on each other becoming law. If approved, the measures would take effect July 1.



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Antisemitism Task Force gets approval from House Government Operations Subcommittee

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A House subcommittee is backing a proposed task force that would monitor and track antisemitic acts in Florida.

The 15-member House Government Operations Subcommittee gave unanimous support to the proposed Antisemitism Task Force measure (HB 111). The bill is sponsored by Rep. Mike Gottlieb, a Davie Democrat who spoke before the subcommittee and said the proposed panel has become necessary as hate crimes against Jewish residents have increased.

“From approximately 2014 to 2024 antisemitic incidents have increased by roughly 893%” across the United States, according to figures from the Anti-Defamation League (ADL), Gottlieb told the subcommittee. “That has to be 1,000% at least, because that number is reported incidents and we all know that there are incidents that are not reported.”

In 2024 alone, Gottlieb said, there were more than 9,000 antisemitic incidents in America, according to ADL figures.

Gottlieb’s bill proposes that the Task Force would be an offshoot of the Florida Office of Civil Rights and that office would provide support staff and other administrative services.

The Antisemitism Task Force would be composed of 18 members from across the state. Those panelists would be appointed by various agencies and officials, including the Legislature, Attorney General’s Office, Florida law enforcement and several other organizations. Each member would serve two-year terms.

The panel would also be expected to monitor antisemitic hate crimes and advise the state on possible changes in laws governing hate crimes. The Task Force would automatically disband Oct. 1, 2029, unless lawmakers approve an extension.

Rep. Susan Valdés, a Tampa Republican, asked Gottlieb if the Task Force would only be monitoring incidents of antisemitism or “hate in general.”

Gottlieb said it would be broader.

“The answer would be yes,” Gottlieb said. “You can’t only have one metric, one data point, because you’re going to compare it to other hate, other types of prejudice and racism.”

The bill is next slated to be considered by the House State Affairs Committee.

The measure has a companion bill (SB 1072) ready for consideration in the Senate that is sponsored by Alexis Calatayud, a Miami Republican.



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Student polling place volunteer bills advance in House, Senate

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Bills from Jacksonville Republicans that would relax rules for students who volunteer at polling places cleared their first committee hurdles by unanimous votes.

The legislation (SB 564, HB 461), sponsored by Sen. Clay Yarborough and Rep. Kiyan Michael, says the ban on privately-funded election-related expenses would not bar high school students who are registered or preregistered to vote from voluntarily helping poll workers in exchange for community service hours that apply to Bright Futures scholarships.

Students can preregister to vote beginning when they turn 16.

The bill would take effect July 1, meaning that eligible students could begin participating in the process during the August Primaries this year if it becomes law.

Yarborough told the Senate Ethics and Elections Committee that this bill, if passed, “will be one of the greatest firsthand civics lessons, which they can experience as they go along, of one of our greatest rights and what it takes to conduct elections.”

Michael told the House Government Operations Subcommittee the bill allowed students to volunteer on weekends, addressing a potential shortage of volunteers, driving engagement and teaching a “civic lesson.”

“We’re always talking about, ‘We need to have our kids doing something positive,’ and this gives them the ability to volunteer at our polling locations,” she said.

Asked about potential dangers to the young volunteers from violence by Republican Rep. Paula Stark, Michael expressed confidence that the lead poll worker and the Supervisor of Elections could handle any issues.

Duval County Supervisor of Elections Jerry Holland spoke on behalf of the bill in both committees.

He said his grandson was looking for community service opportunities, and said volunteering would help students understand the process and get “exposed” to the role and “maybe come back and be part of our team in the future.”

“Maybe in the future, I’ll have a future poll worker,” he said in the House committee.

He also said that in the case of liability issues, the Supervisor of Elections would be responsible, just as with anyone else in a polling location.

The bills, which are identical, each have two committee stops ahead.

The League of Women Voters and the Southern Poverty Law Center support the legislation.



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Aaron Bean, Laurel Lee, Anna Paulina Luna advance insider trading ban with support of Mike Johnson

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Three Florida lawmakers helped craft a ban on insider trading for members for Congress. And this one has the support of Speaker Mike Johnson.

U.S. Reps. Aaron Bean, Laurel Lee and Anna Paulina Luna, all Republicans, co-introduced the Stop Insider Trading Act with U.S. Rep. Bryan Steil, a Wisconsin Republican who chairs the House Administration Committee.

“Too many in Congress seem more focused on playing the markets than serving the American people,” said Bean, a Fernandina Beach Republican. “We can’t allow Crazy Town to prioritize its stock portfolios over the future of our nation. Our job is to represent the people — not to act like day‑traders with privileged information.”

Luna’s support could prove especially important. The St. Petersburg Republican last year led a discharge petition gaining bipartisan support to force a full ban on owning stocks to the floor, over the opposition of Democratic and Republican leadership. But Luna also maintained communications with Johnson on the issue hoping to reach a compromise.

At a Florida event alongside Gov. Ron DeSantis, Luna signaled a deal was near.

“We actually have met with the Speaker of the House and that we are going to be putting something on the floor coming up this quarter that will permanently stop the insider trading,” Luna said.

Johnson voiced his support for the new proposal, which would prohibit members of Congress, along with spouses and children, from directly purchasing stocks, and require seven-day public notice before they, or those close family members, can sell stock.

“No member of Congress should be allowed to profit from insider information, and this legislation represents an important step in our efforts to restore the people’s faith and trust in Congress,” Johnson said. “Both Republicans and Democrats will have an opportunity to make their voices heard and affirm their support.”

Only Republican members were listed as introducing co-sponsors. But the list of supporters included House Freedom Caucus members like U.S. Rep. Chip Roy of Texas, moderates like U.S. Rep. Mike Lawler of New York, and members of leadership including Majority Leader Steve Scalise of Louisiana.



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