Florida lawmakers have passed a state framework regulating payment stablecoins, sending the measure to Governor Ron DeSantis for final approval.
Samuel Armes, founder of the Florida Blockchain Business Association, posted that Senate Bill 314 cleared the Florida Senate unanimously and, having already passed the House, is expected to be signed by DeSantis within 30 days.
SB 314 establishes regulatory guidelines for payment stablecoin issuers operating in Florida and works alongside House Bill 175. The legislation introduces consumer protection standards and financial oversight rules aligned with the federal GENIUS Act enacted in July.
Under SB 314, Florida’s Control of Money Laundering in Money Services Business Act will be amended to explicitly include stablecoins. Stablecoin issuers must comply with existing financial regulations, and unlicensed issuance within the state is banned. The bill also clarifies that certain payment stablecoins will not be classified as securities.
Issuers based outside Florida must notify the state’s Office of Financial Regulation (OFR) before operating. Oversight will depend on each issuer’s structure; some operators will be supervised solely by the OFR, while others may face joint oversight with the Office of the Comptroller of the Currency. The law also bars qualified issuers from paying interest or yield to holders if federal rules prohibit such payments, addressing risks tied to stablecoin incentives.
Separately, Florida lawmakers have revisited proposals to integrate cryptocurrencies into state investment strategies. In October, Representative Webster Barnaby filed House Bill 183, which would allow the state and certain public entities to allocate up to 10% of funds into digital assets. The revised proposal expands beyond Bitcoin to include crypto exchange-traded products, crypto securities, non-fungible tokens and other blockchain-based assets. HB 183 is a revised version of HB 487, which was withdrawn in June after failing to advance in a House operations subcommittee.
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