Florida Senate passes state-level stablecoin bill, awaits DeSantis’ signature

SB 314 expands Florida’s money services law to cover stablecoins, requiring issuer compliance with existing regulations while banning unlicensed issuance.

Florida lawmakers have approved a state-level framework regulating payment stablecoins, moving the legislation to Governor Ron DeSantis’ desk for final approval.

In a Friday post on X, Samuel Armes, founder of the Florida Blockchain Business Association, revealed that Senate Bill 314 has cleared the Florida Senate unanimously. The measure is set to become law once signed by DeSantis, which Armes expects within the next month.

“It has now passed the Senate and the House, and will be signed by DeSantis within the next 30 days!” he wrote on X.

The bill establishes regulatory guidelines for payment stablecoin issuers operating in Florida. Working alongside House Bill 175, the measure introduces consumer protection standards and financial oversight rules aligned with the federal GENIUS Act, which was signed into law in July.

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Under SB 314, Florida’s Control of Money Laundering in Money Services Business Act will be amended to explicitly include stablecoins. The update requires stablecoin issuers to comply with existing financial regulations while banning unlicensed issuance within the state. The legislation 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 the structure of the issuer. Some stablecoin operators will fall exclusively under the OFR, while others will face joint supervision alongside the Office of the Comptroller of the Currency.

The law also addresses potential risks tied to stablecoin incentives. Qualified issuers will be barred from paying interest or yield to holders if federal rules prohibit such payments.

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In October last year, Florida lawmakers revived efforts to integrate cryptocurrencies into state investment strategies. The Florida House Bill 183, filed by Republican Representative Webster Barnaby, would allow the state and certain public entities to allocate up to 10% of their funds into digital assets. The revised proposal expands beyond Bitcoin (BTC) 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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Source: CoinTelegraph