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Florida Becomes First U.S. State To Pass a Stablecoin Regulatory Bill

The Florida legislature has passed a regulatory framework for #payment stablecoins, making it the first U.S. state to do so. Senate Bill 314 cleared both chambers and now heads to Governor Ron DeSantis for his signature. Samuel Armes, founder of the Florida Blockchain Business Association, said he expects DeSantis to sign the bill within 30 days. #Stablecoins

The bill passed the Florida Senate unanimously, with 37 votes in favor and none opposed. A spokesperson for DeSantis confirmed the governor has not yet formally received the legislation. The spokesperson said he will review it in its final form once it arrives at his office.

SB 314 works alongside House Bill 175 to build a stablecoin oversight framework for the state. The legislation introduces consumer protection standards and financial compliance requirements for payment stablecoin issuers. Republican State Senator Colleen Burton said the bill aligns with the federal GENIUS Act, which was signed into law last July. #Regulation

The #GENIUSAct established a national framework for stablecoin issuance with bipartisan support in Congress. Burton said Florida's bill positions the state's Office of Financial Regulation as the primary supervisor for payment systems that use stablecoins. The OFR will have sole oversight over some issuers, while others will be jointly regulated with the Office of the Comptroller of the Currency.

At the center of SB 314 is an amendment to Florida's Control of Money Laundering in Money Services Business Act. The amendment explicitly adds stablecoins to the definition of "monetary value" under that law. Stablecoin issuers must now comply with the state's existing financial regulations, and unlicensed issuance is prohibited. #Florida