Florida lawmakers have approved the state’s first regulatory framework for stablecoins, sending the bill to Governor Ron DeSantis for his expected signature in the next couple of days or weeks.
On Thursday, Senate Bill 314 cleared the State Senate with a unanimous vote of 37 in favor and none against.
Samuel Armes, founder and president of the Florida Blockchain Business Association, called the passage of the bill a historic milestone on X. He expects Governor Ron DeSantis, a known supporter of crypto, to sign the bill within the next month.
SB 314, together with Florida House Bill 175, aims to establish a regulatory framework for stablecoin issuers in the state, incorporating consumer protections and financial stability measures. This legislation aligns with the federal GENIUS Act, which President Trump signed into law last July.
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The bill specifically updates Florida’s Control of Money Laundering in Money Services Business Act to cover stablecoins, mandating that issuers follow current regulations and banning unlicensed issuance. It also clarifies that certain payment stablecoins do not qualify as securities.
Issuers located outside Florida are required to inform the state’s Office of Financial Regulation (OFR) before conducting operations. Oversight will vary based on the issuer’s structure, with some stablecoin operators regulated solely by the OFR, while others will be jointly supervised with the Office of the Comptroller of the Currency.
The landmark GENIUS Act was approved by Congress with bipartisan backing, establishing a framework for stablecoin issuance across the U.S. Meanwhile, a broader effort to legislate crypto market structures—commonly called the Clarity Act —has stalled in the Senate, partly due to banking industry concerns about yield-bearing stablecoins.
Florida’s stablecoin bill would bar qualified payment stablecoin issuers from paying interest or yield to holders “if such payment is prohibited under federal law.”
Meanwhile, lawmakers from the Sunshine State renewed efforts to incorporate cryptocurrencies into state investment strategies last year. Filed by Republican Representative Webster Barnaby, House Bill 183 would permit the state and certain public entities to invest up to 10% of their funds in digital assets. The updated proposal extends beyond Bitcoin to cover crypto exchange-traded products, crypto securities, non-fungible tokens, and other blockchain-based assets.
Source: https://zycrypto.com/crypto-breakthrough-florida-senate-approves-groundbreaking-state-level-stablecoin-bill-desantis-signature-next/
