Barnaby's New Bill Targets Crypto Use in State Trust Funds

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Florida Rep. Barnaby's New Bill Targets Crypto Use in State Trust Funds

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 17, 2025

Key Takeaways

Representative Webster Barnaby is attempting to let Florida invest up to 10% of public funds in crypto through a newly revised bill, HB 183;
The updated proposal includes rules for how digital assets must be stored, tracked, and handled to increase oversight and reduce risk;
Unlike the earlier version, the new bill allows a broader range of digital assets beyond Bitcoin and is set to take effect in July 2026.

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Florida Rep. Barnaby's New Bill Targets Crypto Use in State Trust Funds

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Florida Representative Webster Barnaby is making a second attempt to allow public funds to be invested in digital assets.

Barnaby has put forward a revised bill that would let the state and some public organizations put part of their money into cryptocurrencies and related products.

The new proposal, House Bill 183, would allow up to 10% of certain government-managed funds to be invested in digital assets such as Bitcoin BTC $89,131.72 , crypto-based exchange-traded products (ETFs), blockchain tokens, and non-fungible tokens (NFTs).

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Unlike the first version, HB 487, the updated bill includes added measures to manage risk. It introduces specific rules for how digital assets should be stored, documented, and handled when being lent out.

These new standards are intended to improve accountability and ensure proper oversight of such investments.

One of the key changes in the updated version is the expansion of eligible assets. While the original bill focused only on Bitcoin, this version opens the door to a wider set of digital assets.

If approved, this could give state managers more flexibility when building investment portfolios.

House Bill 183 is scheduled to take effect on July 1, 2026, if it becomes law. It would allow the State Board of Administration to include crypto assets as part of pension and other trust fund investments.

On October 8, the United Kingdom’s Financial Conduct Authority (FCA) removed its ban on cryptocurrency exchange-traded notes (ETNs). What did David Geale, a senior FCA official, say? Read the full story.