Last Call for 2.11.26 – A prime-time read of what’s going down in Florida

Last Call – A prime-time read of what’s going down in Florida politics.

First Shot

IN SESSION — Florida Politics’ old-school newspaper is out now! Our latest broadsheet offers real in-depth coverage of the hottest #FlaPol Session news, opinion & more. If you are visiting the Capitol, don’t forget to grab a copy! And if you can’t wait — check out the online version, available here.

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The House Insurance & Banking Subcommittee opened its meeting Tuesday with a distinctly digital tilt, advancing three measures aimed at embedding cryptocurrency deeper into Florida’s financial architecture.

Stablecoins. A DFS pilot program. A state cryptocurrency reserve.

Taken together, the bills signal an aggressive push to position Florida as a digital asset-friendly state — or at least as crypto-adjacent as possible without going full HODL.

The first measure, HB 175, establishes a state-level framework to regulate payment stablecoin issuers under the federal GENIUS Act. The pitch is straightforward: if stablecoins are coming, Florida should regulate them here rather than leave oversight solely to Washington. The bill mirrors federal reserve and disclosure requirements and allows issuers to choose state supervision.

The fiscal impact remains uncertain, as do the chances the framework will ultimately take effect — federal approval is required. Still, supporters argue the state should pre-position rather than react.

The second measure, HB 1415, may be the most revealing. It would allow the Department of Financial Services to accept approved stablecoins for certain licensing and regulatory fees. Those stablecoins would then be converted into U.S. dollars and processed like any other payment. Any interest generated would flow to the state’s general revenue.

Stablecoins would be routed through a designated wallet, converted into U.S. dollars, and deposited into the traditional banking system. Yes, the Florida Treasury would officially embrace digital assets, including an FDIC-backed bank.

That may have more to do with risk management than crypto-forward virtue signaling. But it underscores that the innovation here is largely about payment rails, not balance sheet transformation.

Which makes the third bill, HB 1039, all the more interesting.

That measure would establish a framework for a state cryptocurrency reserve. No appropriation has been proposed, but the architecture would include oversight by the State Board of Administration, institutional-grade custody requirements, advisory input, and strict eligibility thresholds limiting investments to cryptocurrencies with a market capitalization exceeding $100 billion over the preceding 12 months.

The idea is diversification. Proponents point to Bitcoin’s meteoric rise over the past decade and argue that digital assets are no longer fringe speculation but a maturing asset class. Skeptics point to volatility — and to the difference between speculative returns and public fiduciary duty.

The market itself offers a different comparison. While supporters cited eyebrow-raising spikes in Bitcoin values in the post-pandemic era, traditional equities tied to the compute infrastructure powering crypto — and now artificial intelligence — have in many cases delivered steadier and, over certain stretches, superior returns. A dollar invested five years ago in Nvidia would have comfortably outpaced the world’s best-known cryptocurrency, and without a digital pickpocketing risk to boot.

Even with market-cap guardrails in place, cryptocurrency remains prone to dramatic swings. Gains can be spectacular. So can drawdowns. Public pension managers and sovereign-style reserve stewards traditionally operate under a different risk tolerance than retail investors chasing upside.

But it was impossible to ignore the philosophical tension running through the morning’s agenda.

In one sense, crypto is treated as transactional risk—something to be swiftly converted into dollars and routed into traditional accounts. In another, it’s positioned as a strategic value worthy of long-term reserve consideration.

Neutralized or valorized? It’s enough to make one wonder whether the left hand knows what the invisible hand is doing.

To be fair, none of these bills force Florida to plunge into digital asset speculation tomorrow. The reserve measure establishes a framework, not funding. The stablecoin pilot is limited in scope. And the regulatory bill largely mirrors federal standards already in motion.

Still, the Subcommittee’s early agenda reveals a clear theme: Florida wants to be seen as a financial innovation hub as Washington finalizes its own digital asset guardrails.

Whether that amounts to prudent modernization or aspirational positioning may ultimately depend less on legislative enthusiasm and more on how intense the next ripple — not Ripple — turns out to be.

Embracing crypto is easy when the market is in “line goes up” mode. Governing through it is something else entirely.

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If the Insurance and Banking Subcommittee’s early agenda was all about cryptocurrency, its later business drifted into something closer to cryptonumismatics.

HB 951 contemplates a world in which the one-cent piece is no longer in production and authorizes retailers to round cash transactions to the nearest nickel. If the final digit lands on 1¢ or 2¢, it rounds down. Three or four? Up to five. Eight or nine? Up to ten. Electronic payments remain untouched — this is strictly a cash-only affair.

The bill does not kill the penny (Congress would have to do that), but it seems content to stand in the rotunda whispering, “Et tu, nickel?” It does, however, prepare Florida for a future where Washington follows through on assassinating the zinc-based, copper-clad Lincoln.

Unlike cryptocurrency, which the Committee entertained as both a payment rail and a potential reserve asset, the penny occupies the opposite end of the monetary spectrum: tangible, ubiquitous for generations, and arguably obsolete.

Sometimes monetary reform isn’t about bold innovation or speculative gains. Sometimes it’s about acknowledging that when a coin rarely changes hands without irritation, it may simply be time to say goodbye.

Evening Reads

—”This poll will drive Donald Trump INSANE” via Chris Cillizza of So What

—”After Trump’s cuts, some former federal workers are now seeking office” via Eileen Sullivan of The New York Times

—“The Democrats aren’t built for this” via Mark Liebovich of The Atlantic

—”The singularity won’t be gentle” via Nate Silver of the Silver Bulletin

—“Major corporations bankroll ‘America First’ propaganda” via Judd Legum of Popular Information

—”AI’s threat to white-collar jobs just got more real” via Eric Levitz of Vox

—”Who gives the most political money to Miami-Dade’s Mayor and County Commissioners?” via Douglas Hanks of the Miami Herald

—”Neal Dunn’s office continues to swat away speculation about potential early exit from Congress” via Jacob Ogles of Florida Politics

—“‘Practical environmentalism’ drives Anna DeCerchio’s lobbying work” via Brendan Farrington of Florida Politics

—”House panel clears bill that would reduce anonymous complaints against cops” via Drew Dixon of Florida Politics

Quote of the Day

“Missy and I feel blessed to have so many people reach out to us, regardless of political party or geography. THAT is the best that Florida has to offer and shows the power of love in this great state.”

— Senate President Ben Albritton, reflecting on his recent health scare.

Put it on the Tab

Look to your left, then look to your right. If you see one of these people at your happy hour haunt, flag down the bartender and put one of these on your tab. Recipes included, just in case the Cocktail Codex fell into the well.

We’re going to need a boatload of Bipartisans for all the people who reached out to Senate President Ben Albritton while he was posted up in Tally Memorial and UF Health Shands.

Hopefully, the only Retribution attributable to legislation curbing anonymous complaints against police includes tequila and Rumple Minze. Actually, that sounds worse than the alternative.

The Senate Judiciary Committee and House Civil Justice & Claims Subcommittee are sending a double Total Annihilation to DEI after advancing bills that would ban local government from funding or promoting diversity, equity and inclusion programs.

Breakthrough Insights

Tune In

Daytona Qualifying runs tonight

Tonight, the front row of the Daytona 500 will be set as drivers qualify for Sunday’s race (8:15 p.m. ET, FS1).

Each driver will run one timed lap around the 2.5-mile speedway. Then, the top 10 fastest drivers will advance to a second round to fight for pole position with another timed lap. The two fastest drivers will start on the front row of Sunday’s Daytona 500.

There is more on the line tonight than just the front row. Qualifying also sets the lineup for each of the two Duel qualifying races. The Duels are 150-mile qualifying races to set the positions in Sunday’s race behind the front row. The Duel races are scheduled to begin at 7 p.m. and 8:45 p.m. on Thursday.

Drivers of all 36 Chartered entries—the biggest race teams—are guaranteed spots into the Daytona 500, with four additional spots filled by non-Charter teams.

William Byron has won the last two Daytona 500s, joining Richard Petty, Cale Yarborough, Sterling Marlin, and Denny Hamlin as the only men to win in consecutive years. None of the previous four men could make it three in a row. After winning in 2019 and 2020, Hamlin led the most laps in 2021 but finished fifth. Petty finished seventh in 1975 after winning in 1973 and 1974.

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Last Call is published by Peter Schorsch, assembled and edited by Phil Ammann and Drew Wilson, with contributions from the staff of Florida Politics.